by Samir Kaji
Venture Unlocked is the playbook for starting, operating, & scaling a successful venture capital firm. Samir Kaji, Host of Venture Unlocked has +20-years of experience assisting & advising startups and venture firms. Listen for VC fund guidance. <br/><br/><a href="https://ventureunlocked.substack.com?utm_medium=podcast">ventureunlocked.substack.com</a>
Language
🇺🇲
Publishing Since
9/24/2020
Email Addresses
1 available
Phone Numbers
0 available
March 19, 2025
Samir Kaji interviews Victor Lazarte, a Benchmark partner, who discusses the firm's unique investment philosophy and the importance of deep partnerships with entrepreneurs.
March 5, 2025
<p>Follow me <a target="_blank" href="https://x.com/Samirkaji">@samirkaji</a> for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.</p><p>Today, I had an insightful conversation with <a target="_blank" href="https://www.linkedin.com/in/tomasztunguz/">Tomasz Tunguz</a>, Founder and General Partner of Theory Ventures. We delved into the transformative impact of artificial intelligence (AI) on both the venture capital landscape and everyday life. Tomasz shared his thoughts on recent AI advancements and their implications for startups and the broader market. We also discussed the cost reduction in AI model training, the debate between open and closed-source models, and the evolving enterprise adoption of AI. Overall, it was a rich exploration of AI's current state and future potential. Hope you enjoy it.</p><p><strong>About Tomasz Tunguz</strong></p><p><strong>Tomasz Tunguz</strong> is a General Partner at Theory Ventures, where he invests in early-stage technology companies with a focus on SaaS, data infrastructure, and machine learning. Renowned for his deep analytical insights and data-driven approach to venture capital, Tomasz helps founders navigate growth, product-market fit, and scaling challenges.</p><p>Prior to founding Theory Ventures, Tomasz was a Managing Director at Redpoint Ventures, where he led investments in several high-growth software companies. He is widely recognized for his blog on SaaS metrics, startups, and venture capital, which serves as a valuable resource for entrepreneurs and investors alike.</p><p>Tomasz holds a degree in Mechanical Engineering and Economics from Dartmouth College. His passion for technology, strategy, and helping companies succeed has made him a respected voice in the venture capital community.</p><p><a target="_blank" href="https://theory.ventures/"><strong>Theory Ventures</strong></a> is an early-stage venture capital firm focused on investing in transformative technology companies across sectors like SaaS, data infrastructure, AI, and machine learning. Founded by Tomasz Tunguz, Theory Ventures combines deep analytical expertise with a founder-first approach, providing hands-on support to help startups achieve product-market fit, scale operations, and drive long-term growth. The firm is committed to backing visionary entrepreneurs who are building the next generation of technology solutions, offering both capital and strategic guidance to turn bold ideas into successful businesses.</p><p><strong>Timestamps:</strong></p><p>In this episode, we discuss:</p><p>* AI's Impact (1:18)</p><p>* Cost Reduction in AI Training (2:18)</p><p>* Impact of DeepSeek on Market Dynamics (5:01)</p><p>* Open Source vs. Closed Source AI (10:57)</p><p>* Enterprise Decision-Making in AI (13:19)</p><p>* Defensibility of AI Applications (17:27)</p><p>* Efficiency in Growing Companies (21:01)</p><p>* The Path to AGI (25:46)</p><p>* Impact of AI on Labor Market (28:58)</p><p>* Excitement and Concerns About AI (30:55)</p><p>* Non-Consensus Views on AI and Final Thoughts (33:29)</p><p>I’d love to know what you took away from this conversation with Tomasz Tunguz.</p><p>Follow me <a target="_blank" href="https://twitter.com/Samirkaji">@SamirKaji</a> and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a <a target="_blank" href="https://twitter.com/Samirkaji">direct message on X</a>.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://ventureunlocked.substack.com?utm_medium=podcast&utm_campaign=CTA_1">ventureunlocked.substack.com</a>
February 19, 2025
<p>Follow me <a target="_blank" href="https://twitter.com/Samirkaji">@SamirKaji</a> for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.</p><p>We recently had the pleasure of hosting <strong>Zal Bilimoria</strong>, Co-Founder of <a target="_blank" href="https://refactor.com/"><strong>Refactor Capital</strong></a><strong>. </strong>Zal has had a fascinating career from building products at <strong>Microsoft, Google, Netflix, and LinkedIn</strong> to making the leap into being a VC. His story is one of relentless curiosity and a deep passion for technology, something that started early in his life while working in his family’s computer business.</p><p>In our discussion, Zal walked us through his transition from product management to venture, his time at <strong>Andreessen Horowitz</strong>, and what ultimately led him to launch <strong>Refactor Capital</strong>. As a <strong>solo GP</strong>, he’s taken a unique approach to investing, navigating the challenges of fundraising while staying laser-focused on backing founders tackling complex, high-impact problems. We covered everything from the evolution of his investing philosophy to the importance of founder relationships and how he thinks about the future of <strong>life sciences and technology.</strong></p><p><strong>About Zal Bilimoria</strong></p><p><a target="_blank" href="https://www.linkedin.com/in/zalzally/">Zal Bilimoria</a> is the Founding Partner of <a target="_blank" href="https://refactor.com/"><strong>Refactor Capital</strong></a>, a venture firm investing at the intersection of <strong>life sciences, technology, and sustainability</strong>. With a background in both <strong>software and healthcare</strong>, Zal brings a unique domain expertise and lens to investing. Before launching Refactor, originally with his partner David Lee, he was a <strong>partner at Andreessen Horowitz</strong>, where he focused on emerging technologies.</p><p>This was a fun conversation—if you're interested in <strong>what it takes to build a venture firm from scratch, how product thinking translates into investing, or where the future of innovation is headed</strong>, this episode is a must-listen.</p><p><strong>Timestamps:</strong></p><p>Topics in this conversation include:</p><p>* Zal's Early Life and Background (2:00)</p><p>* Career in Product Management (3:06)</p><p>* Starting Refactor Capital (6:03)</p><p>* Challenges of Starting a New Firm (9:36)</p><p>* Portfolio Construction Strategies (13:12)</p><p>* Solo GP Model (18:06)</p><p>* Advice on Hiring Associates (20:12)</p><p>* Fund Size Philosophy (24:32)</p><p>* Investment Entry Points (28:34)</p><p>* Return Model Considerations (32:04)</p><p>* Understanding Ownership Thresholds (36:31)</p><p>* Market Influence on Investments (38:44)</p><p>* Navigating Investor Relationships (41:08)</p><p>* Quick Decision-Making with LPs (43:25)</p><p>* Parting Thoughts and Future Outlook (46:32)</p><p>I’d love to know what you took away from this conversation with Zal Bilimoria.</p><p>Follow me <a target="_blank" href="https://twitter.com/Samirkaji">@SamirKaji</a> and give me your insights and questions with the hashtag #venture unlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a <a target="_blank" href="https://twitter.com/Samirkaji">direct message on X</a>.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://ventureunlocked.substack.com?utm_medium=podcast&utm_campaign=CTA_1">ventureunlocked.substack.com</a>
Harry Stebbings
Jason Calacanis
Colossus | Investing & Business Podcasts
BG2Pod
by Redpoint Ventures
Ted Seides – Allocator and Asset Management Expert
Andreessen Horowitz
Sequoia Capital
TechCrunch, Mary Ann Azevedo, Kell, Theresa Loconsolo, Rebecca Bellan, Kirsten Korosec, Devin Coldewey, Margaux MacColl
All-In Podcast, LLC
Sequoia Capital
David Senra
Dave Morin, Jessica Lessin, Brit Morin, and Sam Lessin
Conviction
Hugh MacArthur, Bain & Company
Pod Engine is not affiliated with, endorsed by, or officially connected with any of the podcasts displayed on this platform. We operate independently as a podcast discovery and analytics service.
All podcast artwork, thumbnails, and content displayed on this page are the property of their respective owners and are protected by applicable copyright laws. This includes, but is not limited to, podcast cover art, episode artwork, show descriptions, episode titles, transcripts, audio snippets, and any other content originating from the podcast creators or their licensors.
We display this content under fair use principles and/or implied license for the purpose of podcast discovery, information, and commentary. We make no claim of ownership over any podcast content, artwork, or related materials shown on this platform. All trademarks, service marks, and trade names are the property of their respective owners.
While we strive to ensure all content usage is properly authorized, if you are a rights holder and believe your content is being used inappropriately or without proper authorization, please contact us immediately at [email protected] for prompt review and appropriate action, which may include content removal or proper attribution.
By accessing and using this platform, you acknowledge and agree to respect all applicable copyright laws and intellectual property rights of content owners. Any unauthorized reproduction, distribution, or commercial use of the content displayed on this platform is strictly prohibited.