Tomasz Tunguz is the founder and General Partner at Theory Ventures. He launched Theory’s debut $230M fund in 2023 and has continued to scale the firm. Previously, Tomasz spent over a decade at Redpoint Ventures, where his blog and analyses helped shape how founders and investors measure SaaS growth. Today, he’s focused on how AI changes go-to-market, moats, metrics, and valuation -  translating old SaaS playbooks into practical advice for AI-native founders.We recorded this conversation a few months ago, but the lessons are just as relevant today. In this episode, Tomasz explains which SaaS-era rules still apply, what’s changed in an AI-first world (metrics, moats, distribution), and the concrete moves founders and product leaders should make in the next 12–24 months.--What you’ll learn:1. Why SaaS metrics don’t tell the whole story for AI companies, what to track instead.2. Which kinds of moats matter now (workflow & distribution > pure switching cost).3. Why distribution is the multiplier for AI products and how to think about embedding AI into workflows.4. How to prioritize velocity and iteration on model-driven features for compounding advantage.5. What VCs are now evaluating differently (model costs, workflow embedding, adoption loops).6. Practical tools and stacks founders can use today to prototype and learn faster.7. A checklist for founders and operators to prepare for the next fundraising or GTM pivot.—What’s covered:(00:00) Tomasz’s journey: Redpoint to founding Theory Ventures(06:45) Why AI changes the metrics that matter for early-stage companies(12:10) Data moats vs. workflow moats: what actually works(18:35) Why distribution is everything in an AI-first world(25:42) Lessons from Looker, Dremio, StackRox, and portfolio plays(32:50) The role of open source and community in AI infrastructure & distribution(40:15) How VCs are adapting due diligence and their own playbooks with AI(47:02) The next 24 months — where Tomasz is excited (and cautious)—Brought to you by Autoskills (https://autoskills.ai) – Helping teams go from AI-curious to AI-ready with tailored workshops and hands-on adoption.—Where to find Tomasz TunguzBlog: https://tomtunguz.comX/Twitter: https://x.com/ttunguzLinkedIn: https://www.linkedin.com/in/tomasztunguzWhere to find Haroon ChouderyLinkedIn: https://www.linkedin.com/in/haroonchoudery/X: https://x.com/haroonchoudery

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