The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: NVIDIA Invests $100BN Into OpenAI | Is Triple, Triple, Double, Double Dead | Navan Files to go Public & Notion Hits $500M ARR | The Impact of H1B Visas on Startups in the US
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Sep 25, 2025 NVIDIA makes waves with a staggering $100 billion investment in OpenAI, raising questions about the competitive landscape. The hosts delve into the implications for Anthropic and other rivals, pondering if traditional growth models like 'triple-triple' are now obsolete. Navan's plans to go public generate buzz, while discussions around the impact of H-1B visa changes on startups reveal potential hiring challenges. Meanwhile, Notion celebrates hitting $500 million in ARR, showcasing the power of AI in re-acceleration.
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0% Cash During The Boom
- Jason and Rory both admitted to being 0% cash during the market run, recalling painful past experiences selling at losses.
- That lack of cash forced selling during crises and shaped their caution about timing markets.
Big Funds Need Big Winners
- Large absolute exits and high multiples both matter, but money is fungible so many paths yield strong returns.
- Big funds must concentrate in a few massive winners to deliver top returns.
Take Secondaries Based On Utility
- When deciding to sell post-IPO, quantify fair value and overlay your personal/institutional risk tolerance.
- Use marginal utility: smallholder gains matter more to less wealthy investors, so take liquidity accordingly.
