Lessons from 20 Years of Venture Capital: Roelof Botha (Managing Partner and Steward at Sequoia Capital)Roelof Botha on Sequoia’s decision-making frameworks, how the firm continues to innovate, and partnering with founders from idea to IPO and beyondSequoia Capital is synonymous with outstanding performance, backing companies like Apple, Google, Airbnb, and Stripe. In today’s episode, I chat with Roelof Botha, Sequoia’s Managing Partner, about what it takes to see the future first, capitalize on it intelligently once it arrives, and help founders build enduring companies. Roelof is especially well-placed to discuss such matters. Not only has Sequoia navigated more than 50 years of market cycles, Roelof has personally spent more than 20 years helping shape the firm’s unique approach. From honing a philosophy rooted in clear thinking and long-term vision to asking the tough question of "What would you do with only 12 months of runway?" Roelof breaks down the mindset that’s helped Sequoia and its founders thrive, and what others can learn from it. In our conversation, we explore:
Thank you to the partners who make this possibleBrex: The banking solution for startups. Explore the episodeTimestamps(00:00) Intro (04:50) Roelof on the AI bubble (07:26) Sequoia’s Monday tracker and investment tools (09:25) AI's role in business growth (11:55) The challenge of spotting unicorns in a climate of rapid growth (14:48) Roelof’s critique of capital-heavy AI startups (19:30) A glimpse at how partners work at Sequoia (21:43) A lesson from PayPal (24:09) Roelof’s interest in decision-making and biases (27:19) Two key biases: loss aversion and anchoring (30:55) Examples of anchoring with Square and Twitter (36:30) The case for long-term thinking (41:00) Sequoia’s culture and commitment to winning (48:38) What Sequoia looks for in founders (51:39) How new technology enables less technical founders to succeed (54:06) Why AI may favor incumbents over startups (57:12) Where the US stands in the AI race (1:01:16) The risks of government overspending (1:03:54) Sequoia’s journey from idea to IPO (1:10:44) How Sequoia uses AI (1:15:05) Final meditations Performance numbers shared in this interview are as of March 24, 2025. Past performance is not indicative of future performance. Follow Roelof BothaLinkedIn: https://www.linkedin.com/in/roelofbotha/ Resources and episode mentionsBooks
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