Bill Gurley, Brad Gerstner, & Jason Calacanis on the state of tech markets, hosted by David Weisburd

(0:00) David Weisburd hosts Bill Gurley, Brad Gerstner, & Jason Calacanis to discuss the state of tech markets
(1:29) Startup shutdowns in 2023 vs dotcom crash
(3:52) Perspective on current market from Bill Gurley
(7:52) Brad's outlook on startup shutdowns continuing in 2024
(11:48) OpenPhone - Get 20% off your first six months at openphone.com/twist
(13:16) Different investor perspectives based on investment stage
(16:47) Altimeter's recent investing activity
(25:32) DevSquad - Get an entire product team for the cost of one US developer plus 10% off at devsquad.com/twist
(26:30) Reflecting on past IPOs and paths to building businesses for growth
(36:40) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at Squarespace.com/twist
(38:07) State of Series B/C deals in 2023 vs 2021 peak
(42:42) Why now is a great time to start a company
(47:17) Jason's theories for success in venture
(49:42) Abundance of technical talent in Silicon Valley and impact of AI on company size and competition
(54:50) AI investments in 2024
(1:01:11) Language models raising large rounds quickly and the potential for LLMs to hit a ceiling soon
(1:05:18) The best case for Meta being a leader in AI and Apple's position
(1:08:55) Importance of voice recognition for AI interfaces, challenges of enabling transactions via AI, and consumers choosing services via AI
(1:20:32) Picks for best and worst performing tech giants in 2024
Subscribe to This Week in Startups on Apple: rb.gy/v19fcp
David's Podcast: limitedpartnerpodcast.com/
Unicorn Investors article: news.crunchbase.com/venture/t...
Bill Gurley's Above the Crowd article: abovethecrowd.com/2011/05/24/...
X:
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/ dweisburd
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/ bgurley
LinkedIn:
/ jasoncalacanis
Thanks to our partners:
(11:48) OpenPhone - Get 20% off your first six months at openphone.com/twist
(25:32) DevSquad - Get an entire product team for the cost of one US developer plus 10% off at devsquad.com/twist
(36:40) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at Squarespace.com/twist
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[@Maneetsarai]

This was an excellent panel, keep it coming JCal!

[@startups]

thanks for tuning in!

[@jasoncalacanislive]

🎉🎉🎉

[@jasoncalacanislive]

🫡

[@TheJoshGalt]

Great panel Jason! Thank you for this episode!

[@startups]

who else do you want to see? glad you enjoyed!

[@jasoncalacanislive]

thanks pal, that means a lot to me! will have BG2 back again soon

[@bleacherz7503]

Wow, every once in a while a podcast offers so much value , it reminds you that listening to podcasts is time well spent

[@JohnSungKim]

Great job hosting this week David Weisburd!

[@dweisbur]

Thank you sir 👊

[@sachinelearning]

Superb pod Jason! Great guests!! Love Yo'll

[@mrjonlamb]

One of your best, Jason. You bring so much value to the startup world. Underappreciated for sure.

[@jasoncalacanislive]

thanks pal, you made my week!

[@AnonymousQwerty]

Love ya J Cal. Changed my life

[@aai2184]

Awesome discussion Jason and team.

[@jasoncalacanislive]

thanks for tunning in

[@SamEbby]

this was just a awesome episode. thank you

[@xSkidMarx]

Jcal cheating on the besties 👀

[@dumpsterdiverdetector]

wheres this weeks all in>>>>

[@oldschoolpanels]

Kinda wish this would become regular line up on this week in start ups or a new pod....

[@manysimilarshapes]

So much better here

[@mineralt]

omg i came here to type the SAME THING 😂

[@jasoncalacanislive]

Note: this week in startups existed 10+ years before All In, and Chamath, sacks, Brad and gurley were all regulars in twist before All In!

[@Trufflepizza]

Honestly starting to appreciate Jcal's moderating skills better after watching David Weisburd - nothing against DW, but Jcal's energy in moderating really keeps long-form podcast much more engaging, as much as we like to poo poo and pull Jcal's leg on All-in 😉 Excellent episode - please do more of this 🙌🏼

[@dweisbur]

J-Cal is the 🐐 I’m 1875 episodes behind 😂

[@Trufflepizza]

@@dweisbur 😅 true! Keep at it 💪🏼

[@dweisbur]

Thank you sir 👊

[@JuusoV]

What a gift of an episode! 🎉

[@jasoncalacanislive]

thanks for saying that

[@ramsfan18500]

Incredible ep. So much knowledge and experience to share between them all

[@jasoncalacanislive]

two smart cats for sure!

[@gideon7177]

So much insight. Good stuff

[@AlainBERTRANDmru]

I am watching from Mauritius and I am happy to hear about some true reality...

[@Motivation2Invest]

Great Episode Jason & Team, very insightful! It will be great to see how this plays out.

[@divakard]

Such an important discussion. You guys really have the finger on the pulse and it’s high ROI

[@seanwisdom6268]

Please continue doing these, maybe once a quarter???

[@jasoncalacanislive]

maybe 2-3x a month?!

[@xSkidMarx]

@@jasoncalacanislive jcal The Mod God delivers 🙏🙏🙏

[@khriskapone]

Best show on KZbin

[@startups]

thank you!

[@jasoncalacanislive]

🫡

[@ptroy72blue]

This is the best! Thank you jcal 🎉 I could watch this stuff all day...real world insight here is so valuable and free!! What more could you ask for!! Thank you

[@justinpfortier]

Great content and format! Nice work team

[@mayallen2795]

Jason, would love to listen to an episode on what happens when an struggling startup doesn't have an IPO route. How to shut down a company and return capital? How does a VC go about getting their money back? How to do a recapitalization as an investor or founder? How to find recapitalization opportunities as an investor? Particularly interested in recapitalization and how that really plays out behind the scenes with the existing investors and any new shareholders.

[@oldschoolpanels]

Bill "the reason its(silicon valley) so successful is it's so fucking far from DC" Gurley. Love this ep

[@jdchannelviewer]

Brad playing the role of David at the end. 😜

[@claudiamoll6728]

Great content, Jason! ... and great seeing Bill and Brad after AIS again, love your insights, guys.... Thanks for the episode!

[@jasoncalacanislive]

putting BG together for AIS 2023 really worked out... they have great chemistry for sure.

[@dumpsterdiverdetector]

best content from jcal :)

[@jasoncalacanislive]

🫡

[@OVOChatgpt]

Incredible content! Thank you like always Jcal… seriously love when you talk about the startup market since I’m working at one you’ve really helped me understand the macro environment. Shout out to Bill Gurley also seriously the fking man

[@jasoncalacanislive]

really enjoyed this episode... will for sure do it again!

[@niccolo4884]

Cool logo guys

[@RonSheridan]

Amazing conversation!

[@aaronrey2658]

awesome episode, this is better then All-In Podcast. Brads are true hitters..

[@Ramnik72]

Bill 🐐

[@nyustdent]

I like this Episode

[@marcugas3567]

love seeing Gurley and Gerstner on these. One funny thing ive noticed is that whenever Gurley is on zoom he moves sm lol. Get that webcam gimball a raise

[@HomeDesign_Austin]

anyone know what earbuds Brad is wearing? i like how it barely looks like he's wearing any, would be good for sales calls

[@andre-le-bone-aparte]

@01:05:18 - Calacanis dosn't want to hear it... but Zuck is going to apply all that LLM power to the HeadSets, both Rayban and Quest. That's the next product and most people over 40 don't understand.

[@getme.global]

What does their often mentioned term serp means? Could somebody please help Me out with this? 50:46

[@GrindThisGame]

zerp: zero interest rate policy.

[@davidlrd2753]

At what stage do you think you need external resource, finance.

[@oldschoolpanels]

Alright seriously can we get a basketball game for charity with all in and the best besties this year ?

[@russellmm]

I decided to watch it here AND X... my as well give you the watch and like here too :). My favorite comment happened @ 34:03 "Capital was used as a weapon of economic destruction because the cost of capital was free"

[@joeslack]

good vid

[@andre-le-bone-aparte]

@28:55 -- IPO's don't always benefit the founders... Founder burn out is a real thing, and many are burnt after 10 years, they know easier times are over... but VC funds need that liquidity exit!

[@arnabjoy6097]

Jcal one day you gonna become a billionaire. I believe in you.

[@joyduval9679]

Where is Friedburg

[@knappador]

Looking forward to the lack of investment sinks forcing capital into seed stage just to have enough places to deploy funds in the future 😁

[@yj677]

cool.

[@plvrzer]

is this All-in v2?

[@jasoncalacanislive]

This Week in Startups has been doing round tables for 10+ years… All In was my 3rd podcast creation! ❤❤❤

[@sponkmcdonk3898]

bills camera adjusts by itself?

[@boonkiathan]

Sam Altman is likely the Lycos and Altavista of the GenAI Chatbot arena

[@raphaelschaad4309]

Who was the moderator again?

[@bendaniels8677]

Guys, what is ZERP? Google revealed nothing so I must be spelling it wrong

[@ptroy72blue]

I think they mean 'zero interest

[@isthisPG]

ZIRP - zero interest rate policy

[@issiewizzie]

LLM with voice is already here its called PI

[@jschreiner22]

no one: Jcal: So I actually hooked my action button on my iPhone 15 up to the voice agent in my Open AI app.

[@PaulRiddle0]

Double BG

[@rowanwood5397]

im a tech investor. i wonder how many more tech companies have a unique service to offer the world. it seems to me that the world has quite a lot of software at this point. i guess AI has a lot of utility to offer. not sure.

[@GrindThisGame]

I think Deepmind will allow Google to be one of the top performers in the long run. Google Cloud and KZbin likely won't be negatively impacted by LLMs.

[@alldaywhodie]

SOMEDAY BRAD! WILL TALK ABOUT GRAB! SOMEDAY BRAD! WILL TALK ABOUT GRAB! SOMEDAY BRAD! WILL TALK ABOUT GRAB!

[@dasalsakid]

JCal for California Governor

[@ligerllama]

📈💰👍

[@ryanauker1144]

Wow skipping a new iPhone, my heart goes out to those of you who are struggling with old iPhones. It gets better. 🙏

[@heyfrancis3332]

....The Chairman!

[@upstartfenix]

If you are an early stage founder, most of these conversations are irrelevant. Just build.

[@IrfanShaik7]

"kaparthy"

[@zaydcassam5416]

Great informative and optimistic pod but Davids's voice sure is nasally

[@Defnotdoge]

Why bleep out "shit" ?

[@vogtnavog3170]

Need money that bad huh lol 0:32