YouSaid · the spoken record

Sebastian Siemiatkowski

lines on the record: 106
first: 2026-02-16
most recent: 2026-02-16
sittings or episodes: 1
sources: podcast

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“I think with AI, obviously, the thing is that if you five, ten years ago could say that, like, well, I kind of think I know what's going to happen in the future, like it's going to kind of continue like this or whatever. And then suddenly came COVID and the war in Russia is like the world just changed. And suddenly came AI. And you suddenly sit there and like, I have no idea how the world is going to be in two years. But for myself, what I'm most excited about is A, I'm still an optimist at heart. I do believe that these technologies will make life better for humans. I think it will actually lead to something positive. I'm in that camp. You can have an intellectual debate with me if you want to, but like I think that's true. And then what I'm most excited about for me is I want to realize the vision of Klana.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Problem was once I got money, it turns out that life isn't like that because I gave a lot of money to my father and he used it to drink more. And he drank himself to death. So it turned out that money was not going to solve those problems. There are some problems that money won't solve, right? And again, I'm not, I don't want to have that discussion about this money make you happy or not, blah, blah, blah, because obviously when you've been as fortunate as I have in life and I can take my kids on an amazing vacation, I can do things and I don't have to think every day about, you know, can I afford this? and can I do this? That's in a tremendous luxury and privilege in life to be in that position. But at the same time, I've also experienced that like it doesn't solve all problems. And it's sad because that was partially my aspiration with doing this, right?”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I think for sure. I think it's a combination of that and being an immigrant kid. I think that the seeing all these other Swedish kids going to their summer holiday houses and having a surplus that to me looked great. And then us eating pancakes seven days in a row because it was the cheapest food that mom could put together because we were out of money. Even though I love pancakes and I thought they were really delicious, I think it created this like, I felt my parents were smart. My dad deserved something better is the wrong world, but like he started driving a cab, you know, and he was very smart, very intellectual. That was not the right job for him. You know, he was saddened when he saw drunk people and he was driving them and seeing what people were saying. I think he was just not his place to be in life. And just it broke him down. And I felt that like if I was going to fix things, if I was going to get money and I was going to fix this.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Financial crisis and whatever, but like in the longer term, the bankers always wins. So that was always an inspiration to me.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Who build this? He was for a period of time, was seen as the most wealthiest man in the world, right? And so I just, for whatever reason, I was always so enthusiastic about building businesses. I remember we had this school night in middle grade where the cafeteria was always the place that did the most money. And then there was like tons of other businesses, but they all failed and nobody was really making a lot of money. But the point was to raise money to go to like on a class trip or whatever. And I started a pizzeria. You know, I started selling pizzas and we out-competed the cafeteria. And we took all the money and my class could go on my school trip because we made all the money that the cafeteria was making. I've always wanted to drive a business. I've always had this. And then eventually I said to myself, the coolest business to build must be a bank. Like that must be the ultimate business because banks, like banks always wins, banks always prevail. Like banks, you know, you see these things, you see like the JP Morgan's of the world and all this. They go through this. Yeah, of course, like sometimes they get.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Of course, sweet Sam. I did see it. This was a very vivid dream. Well, I think you're wrong with me. I mean, and again, I'm not telling you that I know how we were going to do it. I had no clue, but I was dead dedicated to doing it. And I did see, or when I was, I don't know why. When I was a kid, I was an immigrant kid. My parents quarrel a lot, they divorce when I was eight. My dad started drinking. Quite a chaotic upbringing. And in that, my childish interpretation of what was happening in the family was that they were always fighting about money. If I fix money, then everything will end happily ever after. That was my childish interpretation. And so I got, for whatever reason, also very interested in Richard Branson. And I read his book. And I now met him, which was a fantastic experience for me. But I read him and I was just like, wow, you know, this guy built Virgin, did the records this and that. And then the other guy that really inspired me was Ingva Campra, the founder of Ikea.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And goes like, I'm sitting here myself. And I started thinking, you know what? What if we're actually successful with this thing? What if we start growing maybe from Sweden to Finland and Norway and then we go to Germany? What if we actually grow this globally? What if we actually go and then we go after the banks and we start building financial services? And so I basically in that email I write everything that's happened the last 20 years. So the point is that obviously did I know that was going to happen? No. But just like Slatan when he was kicking a ball down in Malm ⁇ on the street, did he dream about being at the finals? Of course he did. And of course I did as well. I dreamt about being where I am now and even more so where I want to take the company in the next decades, right?”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“No, but it's exactly the same. There's funny, there's this email that I found that I wrote only six months into the company, and it's to my co-founders. And it basically goes like this. This is like six months into the company. We just started getting our first customers. And basically the email goes like this. I'm sitting here. It's late evening. It's written like 11.30 p.m., you know, something.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Is I go out of that, and I was like, Oh my god, that was intense. So I get in my car, I drive to the office, and I was like, there's only one song that I can listen to now. And obviously I put on Queen under pressure. I put it on Max volume and I'm just sitting there. Under pressure. And I crack up. And the thing is, I said to myself, look, one of the biggest idols of mine obviously Slat Abrahamovich, born in Sweden the same day I am, 3rd of October 81. And I think of him and I say, I wanted to play Champions League. How the hell does it feel to go into the finals and play Champions League? He actually did never won the finals, unfortunately, for him. But the point is like, every soccer player dreams about being in the Champions League finals, right? Or a football.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“To me, it's also like one, I had this crazy thing, which is I've been doing this for many years now. So I'm a little bit more like thick skinned. But what happened is on this interview with MSNBC. And I've been with an interview with M many times. And generally speaking, like, you know, questions have been, I would say, balanced and fair. But suddenly on this interview, they bring in this new guy on board. And this was exactly when this was happening. And I'm sitting in my home because I was doing this interview for my house. The guy comes in and he's like, this is a disaster. The company is going to shit. I basically didn't say that word, but like basically, this is the end of Klana. It's all going down. And it's like, and he's just like putting this massive pressure on me. And I'm just sitting there and I'm almost starting to crack up and laugh because it was just like so insane. I was like, come on, the business were doing really well. Like obviously we need to do some changes, but like it's going to be fine. And I'm trying to kind of deal with it as professional as I can. I was like, no, I don't think as you try to do in those situations.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“I hope so. I hope that over the years that will pay off. But I also see what's funny is when we were the most highest valued fintech in Europe, blah, blah, blah, then I could do no wrong. Whatever I said was like, that's brilliant. He's so smart. And then when we came down to 6.5 and we had to do layoffs, then it was like, everything he does is a disaster.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“But you and I talked about it even before this podcast started that I think my problem is that this is definitely what Michael gives me as feedback. I need to stick more on message. I failed probably at this podcast again. And I try to talk about all the kind of things. I'm just like, I love my work. I love what we're doing. I think so many things are so interesting and complex. And then I sometimes want to tell people everything I want to explain everything to them. I should be better at like sticking to a clear message.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I think the only thing I would do different is spend less time on communicating and talking to investors, right? That's it. I mean, to be honest. But when I look at the strategy and what I'm trying to do with a company, I honestly feel like, as I said, that 2015 vision, let's be that digital financial services assistant, that's the one I'm executing on. We're executing on it. The company's executing on it. I feel we're having tremendous momentum on it. We see the affection of our customers picking up our banking products is amazing.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I think the criticism that stinks is the one that isn't true. Well, I think people sometimes said that, like, oh, he's just trying to make an exit, he's just trying to make a big fast buck, or that I just want to, and after 20 years, I feel like, hello, you know, haven't I proven now? I'm in it for the long term. I think the other one is that he doesn't care about the consumer. He just wants to make money on interest rates, et cetera, et cetera, reckless lending and all that stuff. None of that is true. I deeply care about our customers. I deeply care about them being financially well off. And I think I'm providing a product that is better than the alternatives. So that's the one that stinks because it's just not true.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“I've changed my mind most about the pace at which the transformation is happening. I was probably in the camp of, I thought it was going to happen faster than it did, but I think my problem is that I overestimate it takes time for people to change habits and ways of working and stuff like that. So I actually think it's going to take a little bit longer. The adoption. It's not necessarily the capabilities of the technology, but like how fast people will adopt it and how it will change.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“What is done with Grokipedia, where he's taking inspiration from Wikipedia, what I said, and so forth. So I think that there's something there, and that's going to be critical for our societies, because right now we have this scam ink, the scams flowing over, like AI is creating virtual versions of everything. So I think that's to me where there's something really, really exciting.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“And then the next tweet is Klona dos rent. And then we're trying to like our comms team's jumping on and trying to. But if it was established media, they would fix it. But like these exposts and TikTok posts, like nobody, it just goes bonanza, right? But then people write at grock, is this true? And Grock actually almost always answers correctly. And I think that to me is very, very impressive. And I think speaks to Elon's vision of X that over time it can become the trusted source of information.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we do really. And we're like, no, we're not doing RAMT, and nobody cares, right? But one thing that makes me late. Yeah, it's too late. And people are just like, it was Klana like next.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think he's going to do really well. I mean, I think if you think about the fact that he could in a few weeks put together a frontier model at that quality level, you got to give the creditor guy. Like, I mean, that's just like, it's insane. I actually, you know what I love about it is, and this is funny because this is exactly what Elon has been saying all the time, and nobody wants to give him credit for this. But the point is, Onyx, people spread all these rumors. Like we were saying, like yesterday it was a rumor that like Klana-like company offers buy now pay later for rent.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think in this experience to me, it did. It did something that I don't think a single, it's not like a single person could have done each part of different parts, but how many people are you going to find in the world that are great animators, great visualization people, super pedagogical, knows everything about financial accounting, understand financial services, who you're going to find that have... It's going to be hard to find the person that's good at all of these things in one.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“This is actually the first time I felt that AI could do something that humans couldn't. And it was the first time I had that experience. And the reason was because if I would have liked to do the same animation and beautiful pedagogical explanation of a very complex technical accounting finance thing, historically, I would have brought in an animator, a designer, an accountant, a finance Google Sheet guy, etc. And each one of them may have been extremely skilled at what they do, but didn't necessarily know what the other person needed in order to perfect that outcome. And so the animator would have been like, yeah, I can animate like this and that, but they don't really understand what they're animating, right? The financial concept. The financial guy may be like, I can do the numbers like this and that, but I don't really understand why we would need this animation because I read the numbers and I get everything. I don't need this freaking visualization, right? So the point is, but here, Claude, Claude had all the skills in one and then created this. And I was like, I could not, human would not have done that.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“I think so, but it's also amazing, right? I mean, I think for somebody like myself who didn't use the code or couldn't code, I think it's fantastic to be able to take my ideas and thoughts and turn them into something I can show others. It doesn't mean to have to be production ready, but I can articulate things at a very different level of quality than just trying to explain something on a whiteboard or whatever. Now I can actually bring things to people. I had this very, very unique experience with Claude just last week where we were trying to talk about to kind of communicate a very specific thing that was like touching on accounting and finances and predictions and stuff. It was pretty, very complex thing and we were just talking about it. This was like the first time I went to Claude and I said, hey, can we like interact a few times? I want to like see if we can like explain this concept. And after a few iterations, I got this beautiful animation. Wasn't even a slide because it was an HTML file. I thought to myself, wow, you know what?”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“First of all, I don't go to that many of those, to be honest, because I'm hard coding and working with my teams and trying to make sure the clone is as successful as possible through this transformation. I spend very little time on those kind of things.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah. No, we enjoy. I think in this regard, I think we were aligned, right? But it was funny because we were talking about this, how much novelty is there really, right? And it's an interesting concept because as I said to him also, there's other data that suggest otherwise. I've heard data that suggest that 30% of the searches on Google every day are new. Like, I don't know if that's true. It sounds crazy to me, but there are some data to suggest. So maybe there is more novelty. And I think that's like, I don't know the answer to these questions, but I think this is very, very fascinating to me to see the counter effects of these.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“See what I mean? And that's so different. And companies don't work like that. In companies, like, hey, I have an idea. I think Lona should be doing this. And like, okay, let's just start coding. But let's go and check. Maybe we already have code doing this. Maybe we already do that. So the point is that like the reason that compression hasn't happened historically is just because so many people have been involved with different experience, knowledge, and so forth. And it just creates this massive mess. And nobody has been as disciplined as Wikipedians has been to keep it to one source of truth and so forth. They've really been amazing at that. You can read up a lot about how they've been doing. But AI is going to help with that. AI is going to help organize, hey, should we really be doing this thing because we already have code for this and so forth. It's not there yet, but that's going to happen not because AI gets smarter because it's economically sound in a business. It's not economically sound to duplicate. It's economically sound to reuse what you already have. That's the reason it's going to happen. It's not because like it makes sense.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“But if you look at the standards that they apply, how do they do that? I'll give you a very simple, I love this principle. So if you go to Wikipedia and you try to create a new article about a new topic, it's very hard. Like if you go to Google Docs, you just click New, boom, you start writing a new document. If you go to cursor, you start new, new code base. Wikipedia, where is the new button? There is none. Do you know how to find a new button? No. You have to search for an article. And if you search for something that doesn't exist, then you're allowed to create new.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that would mean that you would need significantly less. That's the consequence. The problem is, why do we have so much big software? Why do we have so much data? It's all a mess because we had humans who were trying to do their best, but the right hand didn't know what the left hand were doing and they were overriding that and the code over there didn't there and then people start doing transformations and stuff and it all becomes a big mess. And actually Wikipedia is the most successful knowledge graph in the world, I would argue.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“The generation of new stuff for entertainment and other things. And I don't know the answer to that question. I think you can argue both ways. But in enterprise data, there's going to be a massive compression that's going to come naturally through this technology. And that's why I'm a little bit like, and I don't want to be the guy who said there's only going to be four computers in the world. I don't want to be that guy. So I want to be a bit mindful here.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Because I was talking about this, because he's doing those bets that it's not, right? And I said, look, I think there's two arguments for and against. One is if you look at enterprise, enterprise, what does enterprise want? Enterprise wants highest quality at lowest cost. Why would I recompute my information about Sephora over and over again if somebody could help me to compress that down to just one single source of truth and not having all that information unnecessary? I'll take it. I'll save a lot of money. I don't need that all the compute. Why do I want to do that? So in enterprise, you're going to see a dramatic squeeze and compression. The counter-argument to this is you and I then go out and say, hey, we've had this amazing podcast. Now let's watch a movie together. We want to watch Star Wars, but with our faces. So you'll be the Darth Waiter and I'll be Luke, right? Now, that needs generation. That needs a data center to generate that for us. So the question is just like, what power will be greater? The compression of enterprise data.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“The amount of true novel information and knowledge in human society is quite limited. What we see is repetitions and variations on the same themes over and over and over again. So the point being to answer your question, when we realize this, we also realize that we're compressing knowledge at an' that's why people are playing around doing this like, oh, look at my iMac Minia. I was running my own model on it. It actually works. I can run this on a Raspberry. The thing is, like Romeo and Juliet, that story exists.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Enough number of times it will remember it. And then when you go and ask it, it will know that information. But it's not storing it twice because if it's getting the same information that it already knows, it doesn't move the tokens. So it's automatically compressing all the information. This is why you can take the whole freaking internet, all human knowledge, and compress it down to a few hundred gigabytes. That's a huge amount of information. Now, obviously, you lose precision. This is why it's very worthless to go and ask, what is the opening hour of the Starbucks down on the corner? Like the AI would be like, I have no clue. The equivalent of ChatGPT-5, I asked this AI, so AI is responsible if I'm wrong. But the ChatGPT 5, as an example, the equivalent of the number of gigabytes that that model is, is the equivalent of about two, three days of weather data from the whole globe. That's it. So how can it then be so capable of answering all these questions? Because unfortunately, despite what we humans would like to say,”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what that means is if you historically put data in a database, you say a database record, okay, Klana has a customer called Sephora, and then we write again, Klana has a customer in Sephora, you created this tremendous amount of duplication. If you look at any large enterprise company, they will have the same information over and over and over again. But if you look at Wikipedia, how many articles is there about Klana? One. Why aren't there 15? What do they do so magically? How can it be that Klonak historically had the customer relationship with Sephora and we had information about that customer relationship in Slack, in Salesforce, in Google Docs, in Google Slide? Kind of the same information over and over again, but Wikipedia is just one article. How do they do that? And I realized when you train the model, if I tell that like Harry is not only running a fantastic podcast, but also runs a VC, that like if you tell it once when you train it, it will forget it. It will ignore that information. But if you tell it,”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“And my kids get so annoyed when I publish songs in my name. It's really funny. But two of those songs are called Compression. And this came from a conversation I had with Claude. So I blame all the lyrics on Claude. Don't blame him on me. I was only the producer. Claude wrote the lyrics. And I had to give Claude some artistic freedom. I'm very interested in this. I got this question. I was on a conference in Yellowstone and I was on the stage crazy enough with Sam Altman and Eric Schmidt. And from the audience comes to this question, How is it possible that you can take the whole of ChatGPT 5 as an example or one of these models once they've been trained, once the training is over and the whole thing is like done and fitted on a USB stick? How is that possible? That is not bigger in size. It's just like a few hundred gigabytes or whatever the size of the models are. And then they gave like different answers and I had an answer in my head, but I felt embarrassed in that setting to say, and I think what people underestimate with AI, it's a compression technology.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“I love Suno. So, what I've done with Suno is like, I was playing around and I've been doing some songs. I even published it on Spotify for the fun of it. So you can go to Klaan Ab. I have like 74 monthly listeners or something”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“I have a very, it's funny you asked me about this. I play around sometimes when I have time. I play around it Suno. Have you played around with Suno?”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I have changed my mind on software, right? So I think that software is getting much more risky and it's much more unclear what the future of SAS is. So we, for example, made a flat made a big investment in Defenser, which is like a military arms type of thing, not arms, but military defense And that's very much like not, you know, there's some drones in there and there's stuff like that, but it's very different. It's not SAS, right?”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Would use AI for entertainment, then also I want to be like, I want to be entertained, I want to feel pleased, I want to feel happy, I want to feel, you know, it's a different product. You know what I mean? It's just a different thing you're looking for. And I have less interest in that. I have more interest in somebody telling me you're totally off. Don't do that.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Maybe. I don't know. It could be. But my point is, if I'm just looking at who their audience is today. Very likely that they will optimize for that relationship aspect of being your counselor, your provider, your playfriend that you're playing with or playing games with or whatever, right? Claude, to me, is very different. Claude is like my intelligent advisor. And I'm trying to push and I say to Antropic all the time, like I don't want an AI that tells me you're so great, man. I understand it as like a nice experience. And some people may enjoy that. I actually enjoy somebody just telling me how awesome I am every day. Personally, I'm not that interested in that part. What I'm interested in is rather somebody's telling me, Sebastian, that's freaking stupid. Like, don't do that. That makes zero sense. Like, I want an AI to tell me you're wrong, man. Like, don't do that. That makes no sense. And I feel currently, it's more likely that Claude provides me like less biased. It's trying less to please me. And I think if you're building a product open AI, the risk is you becoming into the pleasing because I think a lot of people like that. And I understand.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Her. Exactly, right? So some people are going to more look for her experience. And I think if that chat GPT to me, because I'm so big, I'm such a big consumer brand, I'm going to start looking at my KPIs and I'm going to optimize for emotional connection for people wanting to how much time are they spending with my product.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Giving the discount to make it easy. Don't make me answer this question, please. I think they are going in very different directions I think that if at least my experience with OpenAI is that it's becoming a consumer company, and if I'm building AI for a billion people, I'm building AI that I would focus on making sure that, for example, there's going to be people that are going to seek AI as a friend, as a friend in their day-to-day life, as somebody more like from that movie was the movie again.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I don't think so. I don't know why. So I kind of switch between Cloud. I'm a big entropic fan. I love Claude chat version of it as well. I use that all the time. I just find that like.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, good. Yeah So, the point is, I just think that if I meet investors today that haven't actually downloaded and tried to build something themselves, I think they don't have the skill set to make an evaluation of the company they're looking at. I think it's so critical to actually just understand how powerful these tools are today before you make those decisions. If you have that insight, if you understand that and then you make your decisions, fine. Like there's going to be opportunities.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think what you should be doing is coding with cursor and building things yourself. If you do that, I think you do that, if I remember correctly.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“I think again it's changing so fast. I think that the challenge right now is a lot of them are piling money into AI that they don't necessarily fully understand how good is it, how differentiating is it? Does it have a real moat?”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“I've been relegated. So, first, they're advising them to do this thing. And then when they actually go and execute it, and it turns out to be a disaster, then like, I'm sorry, your company is not that good. It's just terrible, right? It was terrible. And I think that like...”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, Nami and Zai. And they were told by the VCs, the American VCs, like, you have to move your engineering center to Silicon Valley, because otherwise everything's going to go to shit. And they did. And it was a disaster. And they had it for a year. They tried to recruit, but obviously nobody in Silicon Valley knew what true color was. And they were already a pretty grown company. So they couldn't attract as a startup in that sense. And they had a hard time recruiting and whatever. And they're just like, why are we doing this? And then they shut it down. They lost a year on that. They lost a year on that. so much traction and then some of these vcs were like oh you're not doing well so now we're not going to put our partner on your board anymore we put some junior guy on your board because we don't care because you're not our top priority of companies anymore”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think, I mean, to some degree, from a European perspective, it's obviously partially sad to see that a lot of the successful AI and companies in the US were actually the founders are European. All right. It's a bit sad, but that's just how it is. I remember True Caller, our friends of mine, also a fantastic company European.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Unfortunately, occasionally people who overextend themselves. You have to be mindful about that. You have to, how do you help them when they're distressed and so forth? It's a difficult business in that sense. It's a bank, right? So you have to be mindful about these things. But generally speaking, the type of product we're offering is a better product than the traditional products of the banks.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“No, no, no. Let's bring that back. Let's make sure Cloud Offer is press one for debit, 20% of our transactions are debit, and then the rest is credit, but the credit is interest-free, fixed installments, no revolving, revolving we've removed. It cost us, we gave up $100 million of revenue when we removed revolving because we used to do it in Nordics. We took it away. We even didn't have late fees in the UK for a period of time at all, but it turned out that that wasn't great either because then people to some degree overextended themselves. So it's good to have a little bit of fees, some kind of consequence of not paying on time. We got that back, but you have to be mindful of not making too much money on it. So you just have to find the balance. But over the years, we iterated on a model that we feel like is a better alternative to credit cards. If 10 years from now, less people have credit cards and more people have debit cards, and then use buy now paylater occasionally. I would argue it's a better society. And that's what we've been pushing and the consumers now, we see they love that. They reward us for that. They agree with that, right? And that doesn't mean you're still in credit. So you're still going to have...”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source
“Of this, and at that point on time, I thought to myself, okay, there's two things I can do here, right? I can either sell this business and say, oh, shit, we're making a little bit too much on interest and late fees. Let's go and do something else. Or I can try to change this. And one of my co-founders left at that point in time, right? But I said no. I'm going to stay and I'm going to make the change. And I realized that the buy now pay later credit offering is a healthier one than your credit card. Like on your credit card, you put all your spending full month on that and then the bank tries to push you to revolve. You build up a balance of a few thousand pounds or dollars and then you pay very high interest. So I was like, but I remember when I worked at Burking, it used to be like press one for debit, press two for credit when I would swipe my card. And so like, where did that go? Well, Banks didn't like it because the problem was if you were pashing debit now and then, your bill at the end of the month was much smaller and you were less likely to revolve and borrow money and they would make less money. So they removed the debit button.”
2026-02-16 · The Twenty Minute VC · 20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski · IDENTIFIED FROM THE TRANSCRIPT · source