The GTMnow Podcast

"Investing in companies that OpenAI won't kill." That's Vanessa Larco's thesis, and in this VC bonus episode of GTMnow she breaks down exactly how she decides what survives. Vanessa, founder and GP at Premise (formerly a longtime partner at NEA, where she backed Robinhood from seed to IPO), joins Max to get into the nitty gritty of how AI is rewriting venture, distribution, and the entire go-to-market playbook.

She makes the case for why "it's just a wrapper" got a lot of VCs in trouble, why she only backs technical founding teams, and why the old GTM playbook is breaking fastest exactly where you'd least expect it. She also opens up about leaving a big platform to build a two-person fund from a blank canvas, and why she treats the fund itself like a startup.

What you'll learn:
- The "OpenAI won't kill it" framework for spotting durable AI companies (and why not everything OpenAI ships actually wins)
- Why the "it's just a wrapper" dismissal cost VCs real deals, and the kayak/AWS parallels that explain why
- Why Premise only backs technical founding teams, and the shipping speed that becomes the real early moat
- How the old go-to-market playbook is breaking, especially in DevTools, and what replaces it
- Why someone on the founding team has to "nerd out" on distribution, and why no-playbook moments are where you growth hack
- How to run a conviction-based investment committee, and why big funds drift toward consensus whether they like it or not
- Why running a fund is just running a startup: fundraising, product, and customer success by another name
- The unanswered question Vanessa keeps circling: how to give experienced GTM talent space to rewrite the playbook

Chapters:

00:00 Intro & OpenAI Moats
01:12 GTMnow Intro
01:51 Technical vs. Non-Technical AI Founders
04:37 The Bottleneck of Hiring AI Talent
05:15 Do Old Moats Still Exist?
06:36 Cloud Era Lessons vs. Today's AI Layer
09:18 The Shift to the Distribution Era
11:38 Interview: Vanessa Larco (Premise VC)
12:40 Companies OpenAI Won't Kill
13:37 Consumer Habits vs. Enterprise AI
15:05 Moving Beyond the "Wrapper" Stigma
17:39 Thesis Building vs. Founder Curiosities
20:11 Sourcing & The "Surreal" Community
22:26 Learnings From NEA & Lightspeed
24:06 Rethinking the Investment Memo
26:43 Consensus vs. Conviction Investing
31:26 Running a VC Fund Like a Startup
35:04 Building Internal Automation Tools
37:35 Distribution Moats & DevTools
39:38 Sourcing New GTM Playbooks
41:12 Parallel to the AWS Boom
43:55 Human Psychology vs. AI Tools
47:06 SF's Best Cookie Spots
48:32 Outro

Connect with Vanessa Larco:
About the guest: Vanessa Larco is the founder and GP at Premise. Previously a partner at NEA, she backed consumer and fintech companies including Robinhood from seed through IPO. She started her career in product and engineering, was a computer science undergrad, and founded and sold her own startup before moving into venture.

Connect with Max: 
https://x.com/hackitmax
https://www.linkedin.com/in/maxaltschuler/

Connect with Vanessa:
https://www.linkedin.com/in/vanessalarco/
https://x.com/veelarco

About GTMnow: GTMnow is the media arm of GTMfund, sharing the strategies, tactics, and stories from the operators and investors building the next generation of go-to-market. This is the VC bonus series, where we host VCs and get into the VC ecosystem.

Visit us on: https://gtmnow.com
Follow us on LinkedIn: https://www.linkedin.com/company/gtmnow
Follow us on X (Twitter): https://x.com/GTMnow_
Follow us on YouTube: https://www.youtube.com/@GTM_now
Follow us on TikTok: https://www.tiktok.com/@gtmnow_
Follow us on Instagram: https://www.instagram.com/gtmnow_/
The GTMnow Podcast
The GTMnow Podcast is a weekly podcast featuring interviews with the top 1% GTM executives, VCs, and founders. Conversations reveal the unshared details behind how they have grown companies, and the go-to-market strategies responsible for shaping that growth.

Visit gtmnow.com for more episodes and other interesting content.

A $1.2 billion exit is the dream. Elias Torres calls it his biggest failure. The Drift co-founder joins Sophie Buonassisi on GTMnow to unpack why the headline number felt hollow, what he learned in the quiet stretch afterward, and why he jumped straight back in to build Agency, an AI company that runs your entire customer organization.

Elias gets honest about identity after the exit, the difference between chasing a title and building something enduring, and the operating thesis behind Agency: a billion-dollar company with fewer than 100 people, where 80 to 90% of the team are engineers and everyone talks to customers. He also gets into distribution as the hardest problem in the AI era, why he only takes money from investors who lead with value (Pat Grady and Brian Halligan back the company), and the two decades he's spent building alongside David Cancel.

What you'll learn:
- Why a $1.2B exit can still feel like a failure, and what "enduring" actually means
- How to rebuild your identity when the title goes away
- The Agency thesis: $1B with under 100 people, and how AI agents make it possible
- Why Elias runs the whole company on Agency itself, with no CRM
- Why sales may be the last role AI eliminates, and what that means for GTM
- How to spot investors who lead with value instead of a pitch deck
- Why distribution, not product, is the hardest problem in the AI era
- What 20+ years building with David Cancel (Performable, HubSpot, Drift) taught him about partnership

Chapters:
00:00 Intro
02:25 Time off, slowing down, and losing the title
04:00 The inflection point and what comes after a big exit
07:00 What Agency is and the problem it solves
11:00 Why he brought people he's known for years
11:40 Investors who lead with value (Pat Grady and Brian Halligan)
17:30 Building with David Cancel for 20+ years
23:00 The bold claim: $1B with under 100 people
26:00 The go-to-market motion behind it
28:30 "Sales is the last role AI will eliminate"
36:00 High-agency people and how Agency runs itself
42:00 Building distribution in the AI era
51:00 Where to find Elias and Agency

About the guest: Elias Torres is the founder and CEO of Agency, an AI company that provides agents to run a company's customer organization. He previously co-founded Drift (acquired in a $1.2B deal) and held senior roles at HubSpot and Performable, building alongside David Cancel for over two decades. Agency is backed by Pat Grady (Sequoia) and Brian Halligan.

Connect with Elias Torres:
LinkedIn: https://www.linkedin.com/in/eliast/
X: https://x.com/eliast

Host: Sophie Buonassisi, SVP at GTMnow
LinkedIn: https://www.linkedin.com/in/sophiebuonassisi/
X: https://x.com/sophiebuona

About GTMnow: GTMnow is the media arm of GTMfund, sharing the strategies, tactics, and stories from the operators and investors building the next generation of go-to-market.

Visit us on: https://gtmnow.com
Follow us on LinkedIn: https://www.linkedin.com/company/gtmnow
Follow us on X (Twitter): https://x.com/GTMnow_
Follow us on YouTube: https://www.youtube.com/@GTM_now
Follow us on TikTok: https://www.tiktok.com/@gtmnow_
Follow us on Instagram: https://www.instagram.com/gtmnow_/
The GTMnow Podcast
The GTMnow Podcast is a weekly podcast featuring interviews with the top 1% GTM executives, VCs, and founders. Conversations reveal the unshared details behind how they have grown companies, and the go-to-market strategies responsible for shaping that growth.

Visit gtmnow.com for more episodes and other interesting content.

The single most expensive sentence in sales is "I'll follow up on that." Adam Liska joins Sophie Buonassisi on GTMnow to break down the "execution gap," the space between knowing what to do in a deal and actually doing it, and why that gap is where most pipeline quietly dies.

Adam left DeepMind's Gemini team in 2022, pre-ChatGPT, to build a native revenue execution platform now serving 200 customers across 20 countries (recently rebranded and fresh off a $20M Series A). In this conversation, he gets specific on what is actually changing in the sales role, what should be automated, and why he thinks this is about to be the golden age for sales reps.

What you'll learn:
- Why "I'll follow up on that" is the most expensive promise in revenue, and how the execution gap compounds from rep to manager to CRO
- What parts of the rep workflow to automate now (research, CRM updates, business cases, follow-ups) and what stays human
- Why AI is squeezing middle management, not reps, and flattening GTM orgs
- How per-rep coaching changes when every call is recorded, shared, and analyzed for patterns
- The "corrective action" approach to coaching deals on the job, in real time
- How to sell globally when borders disappear but local-language talent still matters
- Why in-person events drove 70% of early pipeline, and how that compounds with cold calling
- How to keep your team at the AI frontier by never locking into a single model
- Adam's #1 piece of advice for first-time founders (hint: it starts with your co-founder)

Chapters:
00:00 Why AI won't replace sales reps
00:22 Leaving DeepMind's Gemini team pre-ChatGPT
01:18 What airspeed does and the "execution gap"
02:07 "I'll follow up on that": the most expensive promise in sales
03:28 The $20M Series A and the rebrand from Glyphic
05:30 Why walk away from frontier AI research at DeepMind
07:17 Leading when the frontier models keep changing
08:39 Buy vs. build, and keeping customers at the AI frontier
11:03 Landing the first 200 customers across 20 countries
12:41 Advice for first-time founders
14:04 Selling globally and what AI changes about language
17:07 What the sales rep role looks like in an AI-first world
19:24 How reps and leaders should start automating today
20:51 The channels driving results right now
22:41 How AI makes per-rep coaching actually work
25:14 Building an execution-first culture
27:10 The DeepMind departure story
28:51 Building in London vs. selling in the US
30:43 Adam's favorite AI use case as a busy CEO
31:26 The biggest misconception about AI in sales

Host: Sophie Buonassisi, SVP at GTMnow
LinkedIn: https://www.linkedin.com/in/sophiebuonassisi/
X: https://x.com/sophiebuona

Guest: Adam Liska, Co-founder and CEO at Airspeed
X: https://x.com/adliska
LinkedIn: https://www.linkedin.com/in/adliska/

About the guest: Adam is the co-founder and CEO of Airspeed (formerly glyph), a native revenue execution platform that closes the gap between knowing what to do in a deal and executing on it. Before founding the company, he worked at DeepMind on the team that became Gemini. 

About GTMnow: 
GTMnow is the media arm of GTMfund, sharing the strategies, tactics, and stories from the operators and investors building the next generation of go-to-market.

Visit us on: https://gtmnow.com
Follow us on LinkedIn: https://www.linkedin.com/company/gtmnow
Follow us on X (Twitter): https://x.com/GTMnow_
Follow us on YouTube: https://www.youtube.com/@GTM_now
Follow us on TikTok: https://www.tiktok.com/@gtmnow_
Follow us on Instagram: https://www.instagram.com/gtmnow_/
The GTMnow Podcast
The GTMnow Podcast is a weekly podcast featuring interviews with the top 1% GTM executives, VCs, and founders. Conversations reveal the unshared details behind how they have grown companies, and the go-to-market strategies responsible for shaping that growth.

Visit gtmnow.com for more episodes and other interesting content.

Benchmark's Chetan breaks down why the path from $0 to $100M has collapsed from five years to under two, and the one thing that is actually getting harder in the AI era: reaching your first million in revenue. In this VC bonus edition of the GTM Now Podcast, he sits down with Sophie Buonassisi to unpack how AI native companies are compressing 180 day sales cycles into 30 days, why direct sales is here to stay, and how value is shifting away from code toward the last mile of customer service.

Using Legora (legal AI) and Manus as case studies, Chetan explains how Benchmark builds conviction fast, why the marginal cost of code trending to zero changes everything, and what separates the founders who win this window from the ones who miss it.

What you'll learn:
- Why the first $1M now takes longer than the next $99M in the AI era
- How top AI startups compress a 180 day sales cycle into 30 days
- The "trusted vendor" playbook for breaking incumbent distribution advantages
- Why Legora embedded inside a law firm for a year before launching
- How a magical demo plus a tightly scoped pilot collapses six month deals
- Why value is moving from the product build to the service and outcome
- What Benchmark actually looks for: technical insight that creates demand pull
- Why direct sales and forward deployed engineers are exploding in AI
- How buying one AI app triggers an enterprise to buy 100 more

Chapters: 
00:00 Intro
01:13 Why Max + Paul were furious taking notes on this one
02:10 Benchmark's $2B growth fund and the changing strategy
04:57 POC to trial and the power of direct sales in AI
11:33 Meeting Max early: $0 to $100M in 18 months
15:05 Manus: 0 to $100M in eight months through PLG
17:10 Will the AI native window close?
19:09 Sizing the window: $40B software vs $1T services in legal
21:50 How Benchmark picks the winners
25:31 Turning a 180 day sales cycle into 30 days
30:45 The Legora deep dive: research, pilots, legal engineers
41:46 Why $0 to $100M keeps getting faster
42:29 The harder problem: getting to your first $1M
44:04 When code goes to zero, what do customers pay for?
48:46 Sales led vs PLG in the AI era
51:49 How to spot the right founder
55:18 What company Chetan wishes someone would build
56:48 Investors founders should follow
57:40 Working with Jack Altman at Benchmark

Connect with Chetan Puttagunta: 
General Partner at Benchmark
Twitter/X: https://x.com/chetanp
LinkedIn: https://www.linkedin.com/in/chetanputtagunta/

Host: Sophie Buonassisi, SVP at GTMnow
Follow Sophie: https://x.com/sophiebuona
LinkedIn: https://www.linkedin.com/in/sophiebuonassisi/

About the GTMnow Podcast:
GTMnow is the media brand of GTMfund, sharing the tactics and strategies behind how the best companies go to market. The VC series brings on top investors to break down what is actually working in go to market today.

Visit us on: https://gtmnow.com
Follow us on LinkedIn: https://www.linkedin.com/company/gtmnow
Follow us on X (Twitter): https://x.com/GTMnow_
Follow us on YouTube: https://www.youtube.com/@GTM_now
Follow us on TikTok: https://www.tiktok.com/@gtmnow_
Follow us on Instagram: https://www.instagram.com/gtmnow_/
The GTMnow Podcast
The GTMnow Podcast is a weekly podcast featuring interviews with the top 1% GTM executives, VCs, and founders. Conversations reveal the unshared details behind how they have grown companies, and the go-to-market strategies responsible for shaping that growth.

Visit gtmnow.com for more episodes and other interesting content.

LinkedIn CPMs just hit $800. AI is flooding every channel with content. Outbound is dying. So where should B2B marketers actually spend their ad budget right now?

Keith Putnam-Delaney, co-founder & CEO of Primer, joins Sophie to break down the complete state of B2B paid advertising, what's broken, what's working, and where the real opportunities are hiding in 2025.

What you'll learn:
- Why LinkedIn & Google search are hitting a ceiling (and what to do instead)
- How to get 80% match rates on Meta and 70% on Reddit for B2B audiences
- The only moat competitors can't copy: your targeting
- Why you need to feed CRM conversion data back to ad platforms
- Holdout groups, attribution, and what actually proves paid ROI
- The truth about ads in LLMs (ChatGPT, Perplexity, Grok)
- B2B influencer marketing: the most undervalued tactic right now
- Founder lessons from 6 years and 3 pivots building Primer

Chapters:
0:00 – The paid advertising crisis no one's talking about
2:40 – AI's real impact on ad costs
4:06 – Google Search & AI Overviews: what still works
5:04 – LinkedIn CPMs: $20 to $800 in 18 months
6:39 – Why B2B brands need to be on Meta, Reddit & Instagram
7:01 – What Primer does (80% match rates explained)
9:29 – The device fragmentation problem & attribution
11:16 – Holdout groups: the statistically proven approach
13:30 – Which channel to start with (and minimum spend)
22:18 – Paid ad creative: feed the algorithm with variants
25:14 – B2B influencer marketing & thought leadership ads
30:59 – Why you MUST push CRM data back into ad platforms
33:31 – Ads in ChatGPT & LLMs: what's coming
35:53 – Founder lessons, mental health & iteration

Connect with Keith Putnam-Delaney: 
Co-founder, CEO of Primer
Twitter/X: https://x.com/kcpdelaney
LinkedIn: https://www.linkedin.com/in/keithputnamdelaney/

Host: Sophie Buonassisi, SVP at GTMnow
Follow Sophie: https://x.com/sophiebuona
LinkedIn: https://www.linkedin.com/in/sophiebuonassisi/

About Keith Putnam-Delaney:
Keith is the co-founder and CEO of Primer (https://www.sayprimer.com/), a B2B paid advertising targeting layer that helps brands unlock high match rates on Meta, Google, Reddit, and beyond. Former brand marketer turned data-driven growth leader.

GTM Now is the media brand of GTMfund, sharing go-to-market insights from the top 1% of revenue operators.

Visit us on: https://gtmnow.com
Follow us on LinkedIn: https://www.linkedin.com/company/gtmnow
Follow us on X (Twitter): https://x.com/GTMnow_
Follow us on YouTube: https://www.youtube.com/@GTM_now
Follow us on TikTok: https://www.tiktok.com/@gtmnow_
Follow us on Instagram: https://www.instagram.com/gtmnow_/
The GTMnow Podcast
The GTMnow Podcast is a weekly podcast featuring interviews with the top 1% GTM executives, VCs, and founders. Conversations reveal the unshared details behind how they have grown companies, and the go-to-market strategies responsible for shaping that growth.

Visit gtmnow.com for more episodes and other interesting content.