20VC: The AI Boom Will Create Enormous Roadkill: Who Wins & Loses | Why Founders Should Never Take Multi-Stage Money at Seed | Why Triple, Triple, Double, Double is Good Enough

David Frankel is one of the great seed investors of our time. As the Co-Founder of Founder Collective he has backed the likes of Uber, Coupang, Suno, PillPack, Airtable, Whoop, Shield AI and many more. In a world of expanding fund sizes, David and Founder Collective are one of the only successful franchises to truly stick to small, boutique funds.
AGENDA:
00:00 The Bubbles Are Getting Bigger—and There Will Be a Lot of Roadkill
05:21 The Worst-Performing Funds Will Be the $50M–$100M Seed Funds
25:06 "We're Greedy for Returns, Not Management Fees"
30:10 "Pro Rata Is the Original Sin"
32:59 "A $1BN Valuation Is the New Series A"
46:39 "I Have Never Seen Secondary Markets This Liquid"
58:03 Microsoft Has Done a Crappy Job of AI—and Another Dot-Com Crash Is Inevitable
01:08:25 OpenAI and Anthropic Will Be Disrupted—and China Could Do It
01:16:12 "Anyone Who Claims They Knew Is Full of Shit"
01:19:56 Our Children Won't Need to Drive—and Chemotherapy Will Look Prehistoric