Founder Curiosity, Growth and Valuation - Season 5: Episode # 94

AI has created one of the biggest shifts venture capital has seen in decades. New companies are reaching unprecedented growth rates, valuations are climbing, and founders have more ways than ever to build software. But according to Jay Po, Co-Founder and Managing Partner at Stage 2 Capital, the fundamentals of building a great business haven't changed nearly as much as people think.

In this episode, Jay joins Justin and Josh to discuss how AI is changing venture investing without changing what ultimately matters. He explains why customer obsession, repeatable growth, and retention continue to separate enduring companies from short-lived momentum, why investors are rethinking pricing models and valuation, and how founders should approach fundraising in a market filled with both opportunity and noise.

Tune in for more on outcome-based pricing, forward-deployed engineers, customer success as a growth function, venture capital discipline, and why the next generation of market leaders will be defined less by AI itself than by how effectively they solve meaningful customer problems.

Chapters

00:00 Introduction and guest background

02:17 Stage 2 Capital's investment thesis and history

05:30 Market evolution from 2018 to today

10:07 Impact of AI on venture and market opportunities

15:04 The role of curiosity and innovation in startups

20:42 Pricing models and outcome-based strategies in AI

25:46 Customer success, retention, and long-term value

30:09 Valuation approaches and market dynamics