Inside Figma’s IPO and AI’s $30B Shake-Up

"We're definitely seeing that, you know, we're trying to deal with that lots of different ways. Sometimes you have to reincent founders, sometimes you have to accept that the transition's appropriate."

• Rory explains that transitions can be necessary.
• Re-incentivizing founders may reignite commitment.
• Considering the startup's best interests is key.

"Look, if you signed up for a four to six-year journey and it turns into a 12 or 13-year journey, it's not surprising, but you see, you are seeing people say, this is, this is more than I thought for a whole bunch of reasons, I can't keep doing this."

• Rory highlights the challenges of extended timelines.
• Founders need to prepare for longer journeys.
• Sustained focus is vital for startup success.

"When you find yourself going to look at the legal documents in a venture deal, you're probably on your way to losing money, right?"

• Rory warns that complicated deals may indicate trouble.
• Founders should be cautious in negotiations.
• Simple, straightforward deals are often better.

"Everything goes back in life to incentives, in my opinion."

• Rory emphasizes the importance of proper incentives.
• Aligned incentives lead to better team decisions.
• Founders should structure incentives to promote success.

"Yes, if you're still going to the board meeting arguing about you need to do something in AI, just stop going to the board meetings."

• Jason advises against delaying critical strategic decisions.
• Founders should act swiftly on AI initiatives.
• Timely action secures a competitive advantage.

"I think what large amounts of money do, it reveals what you really want to do."

• Rory suggests that significant funding can test a team's commitment.
• Founders must stay focused despite financial success.
• Maintaining dedication is crucial for sustaining growth.

"If your other plain vanilla B2B company hasn't done AI by June 30th, I don't think June 30th, 2026, or writing that bridge note or that series C-7 is going to make it."

• Jason warns that postponing AI adoption may lead to failure.
• Founders risk falling behind if they don't act quickly.
• Immediate AI integration is critical for survival and growth.

"What you're saying is there are examples of pre-Gen AI companies being able to move quickly enough to become relevant in the Gen AI world."

• Rory highlights that existing businesses can adapt rapidly to AI trends.
• Speed and commitment are essential for successful AI integration.
• Founders should proactively evaluate and adopt AI technologies.

"My rule is, if you haven't grown because of AI, you've failed."

• Jason believes startups must integrate AI to drive growth.
• Delaying AI adoption can lead to becoming irrelevant in the market.
• Founders should act swiftly to incorporate AI into their products and services.

"I went through it literally on my phone late at night and went, wow, and you didn't even mention one of the more impressive ones, which is kind of the profitability and free cash flow margins last quarter, like 40% plus."

• High profitability and free cash flow margins attract investors.
• Strong financials can significantly boost valuation.
• Aiming for a rule of 80% (growth plus profit margin) can impress investors.