EUVC E664 | Mikael Johnsson, Oxx: AI Hype, Real Productivity & How Not to Lose the Plot
Dec 5, 2025
Mikael Johnsson, Co-founder and General Partner at Oxx, shares insights into the current AI landscape. He highlights how to differentiate between pilot projects and true production adoption, warning against valuation exuberance. Mikael discusses the importance of embedded workflows and real revenue drivers, emphasizing founders' need to demonstrate ongoing value. He stresses that retention metrics are crucial in the AI era and reflects on the potential of an AI bubble, proposing a long-term view for investors and startups alike.
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Prove Domain Knowledge And Commercial Evolution
- Show domain expertise and map the business process you target to persuade investors.
- Convert credit/usage trials into subscription or outcome-based commercial relationships over months.
Retention Still Trumps Hype
- Retention remains the gold standard for product-market fit even in fast-moving AI.
- Track cohorts and ICP-specific retention at month-over-month or week-over-week speed.
Use LLMs Flexibly And Embed In Workflows
- Build on public LLMs initially but isolate dependencies so you can switch providers.
- Embed deeply in business processes and orchestrate across stakeholders to avoid being commoditized.