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Bucky Moore

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2025-05-05
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2025-05-05
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  1. “I think that's a tough one because it really is somewhat indexed to this question of like how these megatrends like space and”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Checks. But on the other hand, it doesn't appear as though the supply of capital from platforms like the one that I've just joined or some of the others that we've talked about is going to go up in size. And so again, you could argue that these five to six firms kind of have this captive opportunity to really play a role in helping these companies scale and be their partner. And I think that's a really exciting dynamic for these mega platforms.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “So, I'm not an LP, but like you, I do spend a lot of time with LPs. And what I can tell you right now is that it's harder and harder for me to see how there are too many of these mega platforms that exist in the coming years. And the reason for that is one of commitment from the existing large pools of capital in the LP community, right? So if you're an LP that wants to fund one of these efforts, you're really making kind of a multi-fund commitment, as you know. The sophisticated LPs invest with any manager for at least three to four funds. And they know that is the optimal way for them to capture that alpha because it's really hard to be to be timing the market, as we all know. So I think if you sort of say, okay, in the backdrop, it feels like a lot of these big LPs have committed to these platforms. It's pretty hard to see how they can commit to too many more of them just on the basis of the physics of how big they are and how much capital they've committed. So I think what's really, really interesting about this space that we're in in the market right now is like you said, there are these companies that can get really, really big and consume large amounts of capital and generate potentially outsized returns for investors of those large.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “These companies. And I think it's a rational strategy so long as you have buy in from the entrepreneurs so as to not ruin that relationship.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “So I think every firm takes a very different view on this. And I can tell you that when we were at Kleiner Perkins, it was something that was kind of a red line that we wouldn't cross. And the reason for that is because we invested in so few companies and we go so deep with each of those companies that in our mind it was just too hard to feel like we could really provide that level of service to each company in a way that would make conflicts a non-issue. I think it's a little harder for me to speak about kind of how we do things at light speed in that sense. But I think to your point, you're seeing a lot of these later stage investments get made into sort of multiple players. And I think part of that is like there's just so much demand for capital from these big firms that these model providers want. And I think on the other end, it's really hard to say how this is going to play out to the point that I think there's a need for diversification as well on the investor side. And so, you know, one argument would be, hey, pick one of these companies, go all in on them. And you can see that's sort of what Thrive is doing with OpenAI. You could also say the same about Founders Fund. Another would be, hey, who knows how it's going to play out? And I think what you're seeing with, say, Andreessen Horowitz is they're trying to invest in everyone.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “And so fat that it's hard for me to see how the model providers are able to play in each of them. And so, again, I think what's going to happen is that there will be startups and in some cases existing incumbent companies that really figure out where those areas are where deep customer insight and deep focus is required. And I just have a hard time seeing how the model providers are going to be able to prosecute each of those. And so I'd certainly be a little nervous about how the code gen stuff is going to play out today because it seems like that is just far and away, the killer use case for LLMs and therefore the one that these big model providers are going to lean into next from an application standpoint. Of course, the consumer side of things is very tricky as well given that's sort of the hallmark of all these companies in terms of what they put in front of consumers. But again, I really feel like that dynamic is going to kind of repeat itself. And there's going to be so many opportunities that exist outside of that core that you're going to see big, big companies get built. And those companies are either going to have to be acquired by the model providers or they're really going to struggle to compete with them because they monopolize all the customer insights that come from being first and going.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “So, my mental model for thinking about this is actually quite similar to when we were asking ourselves when Amazon, Microsoft, Azure, and Google were rising, like which companies would survive that, right? As they were starting to get into multi-product. And I think what we saw in that era was that there are just so many categories of software that exist that require unique understanding of the customer pain points, unique resource allocation to build the best product, and really just like a set of insights that can only come from focus, that I think what we're going to see is a very similar set of dynamics play out here. So sure, in a core market like CodeGen or maybe enterprise search, where you see companies like Glean being independent today, but OpenAI famously saying, hey, if you're an investor in Glean, you don't get to be an investor in OpenAI, which would foreshadow they plan to play in that space. I think what you're seeing is that there are some categories where these model providers are going to be very, very active. But I think what's so amazing about this point in time that we're in is that this long tail of applications is so long.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “So at this point in time, I think it's fair to say that you've taken a bit more dilution than you would if you were investing in some kind of a late stage enterprise software company. But on the other hand, I think the scale of the outcomes that are possible with these companies, and I think the types of consumer and business facing products they can build atop these models are really just starting. I think if you look at just how unique these companies are on a top line basis, I mean, we're talking about billions of dollars of run rate growing in excess of 100% year over year. I don't think we've ever seen that before, right? Like you talk about service now doing billions of dollars in ARR and growing 20, 30 percent year over year. And you're like, this is an amazing company. These companies are growing over 100% year over year doing that kind of run right. So again, I think the margin question is a valid one. I think the long-term cash burn question is a very valid one. But what I'm seeing is I think these companies are just getting started in terms of optimizing the shape of their business by layering these products on top of this very capital intensive asset that you're referring to in the form of these models.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “So, I think the story there is still very much being written is the first thing I would say. But I think at this point in time, to your point, these companies have margin compression, they're high burn.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “And so I think it's really important that Lightspeed continues that focus. And I think that's something they and a few of their peers do a really good job of.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “We were to succeed in terms of turning a billion dollars into 10 20 billion dollars. I think that's just not a conversation that's ever been had in the venture industry. And frankly, any other asset class that I'm familiar with. And I think for that reason, it's really clear to me that having the chip stack that these large platforms have is really uniquely beneficial at this point in time. But what I will say is that none of that matters if you don't maintain a lot of dedication to early stage investing. If you're Sam Altman or your Dario and you're asking yourself, do I want to hitch my wagon to one of these firms by raising billions of dollars from one of them, you know, you're thinking a lot about like what their brand stands for. And I think that these companies, in spite of running towards these trillion dollar outcomes, are still very much startups and entrepreneurial in the way they think about their DNA. And therefore, they want to partner with someone who shares that DNA. And I think the only way for a venture firm to sustain that is by staying true to early stage venture, working with raw formation stage companies, and spending lots and lots of time kind of trying to figure out who that next wave of entrepreneurs are.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “So, I think we're in this really unique point in time, both in terms of the technology entrepreneurship industry and consequently the venture industry. And that if you look back five or seven years ago, we would be talking about companies like Databricks or Snowflake or even DoorDash on the consumer side as sort of the hallmarks of venture success. And I think what we're seeing now is that there's this new shape of company that's emerging that really in some sense puts those to shame, right? We're talking about going from talking about 30 to 50 billion dollar outcomes to multi-trillion dollar outcomes in the form of SpaceX or Open AI or Anthropic where Lightspeed is very proudly an investor. And I think what that means is you also sort of have to take a step back and say, okay, so like where is the alpha going to come from in the industry if that's the case? And I think what I'm seeing and sort of have been thinking about for a long time is that these platforms that have the scale of some of those that you mentioned, Lightspeed included, they get to have really interesting conversations about like, hey, what if we invest a billion dollars in one of these companies that could be worth trillions of dollars? And what if?”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Yeah, thanks. So the big news is today I'm officially announcing that I've joined Lightspeed Venture Partners as a partner. After seven and a half years at KP and almost 11 years in the venture business, this new chapter in my career is really, really exciting in the sense that I feel like I really get to step into a truly global platform and really play a role in kind of driving what was once the core of the firm forward, which is this early stage enterprise investing that really set the tone for Lightspeed's success and what it was able to become today. So I feel really, really grateful to partner with that team. And yeah, that's the next chapter of my career. And I think it could be the last.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Thanks for having me, Harry. As they often say, longtime listener, first time caller, and it's been really fun to watch your meteoric rise over the years. As you know, I've been watching since the beginning.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Shopify puts the pedal to the Time looking Business that Wherever your customers are, go to Shopify.com. To start your $1 per month trial today, that's Shopify.com slash 20 VC in letters. And while Shopify helps you drive sales, don't forget what really keeps those”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Best companies always feel expensive. If you look at just how unique these companies are on a top line basis, I mean, we're talking about billions of dollars of run rate growing in excess of 100% year over year. I don't think we've ever seen that before, right? We're talking about going from talking about 30 to $50 billion outcomes to multi-trillion dollar outcomes in the form of SpaceX or OpenAI or Anthropic, the active sizing of market is just, at least from my experience, so imprecise that it borders on being a fool's errand.”

    2025-05-05 · The Twenty Minute VC · 20VC Exclusive: Why Mega Platforms Will Win in VC | Why You Cannot Do VC If You Do Not Do Pre-Seed | Why Market Sizing is BS | Where Will Foundation Models Build/Buy Apps vs Where Will They Not with Bucky Moore · IDENTIFIED FROM THE TRANSCRIPT · source