20VC: Everyone is Wrong; We Will Have More Developers in Five Years | Why Frontier Labs Will Be Way More Valuable Than They Are Today | Are SaaS Companies Cooked: Which Thrive & Which Die with Aaron Levie, Founder at Box

**Aaron Levie** (0:00)
I think I would still be probably loading up on all of the Frontier rounds. These numbers could continue to get much larger. What we are in is a commercial and economic race. We haven't removed humans from the loop. We've just changed where they enter the loop. Everybody is so myopic about this, I want to just shake the industry. There are going to be more lawyers in the next five years than we have today. The workflow needs to be redesigned for agents, not for people. The budget of tokens will have to move out of IT spend and into regular OPEC spend.

**Harry Stebbings** (0:29)
Is your job harder than ever?

**Aaron Levie** (0:31)
Yes. If you're in software or infrastructure or building agents, it's a year of complete unrelenting execution.

**Harry Stebbings** (0:37)
This is 20VC with me, Harry Stebbings. Now, I think Aaron Levie is one of the luminaries on AI Pervading Enterprise. He did a viral tweet the other night, and I messaged him and I said, dude, we've got to do a show on this. I'm so thrilled that he agreed to do it. This is a show specifically on how AI will impact the biggest enterprise in the world, and how agents will be introduced into the largest enterprises, and we couldn't have anyone better than Aaron, founder and CEO of Box, one of the public companies of the last decade. This is an incredible discussion. But before we dive into the show today, did you know that industry average for booking a business trip is 45 minutes? That's a massive waste of your team's time. Well, with Nivan, your employees can book a trip in just seven on average. Nivan is the AI-powered travel and expense platform designed for companies that value efficiency. It drives real business impact through high employee adoption and automated policy control. Now, the built-in AI approves in-policy bookings and blocks the rest automatically. This allows finance teams to stop chasing receipts and skip the month-end chaos. And you get this real-time visibility that can save your company up to 15% on your travel budget. And that's why leaders like Visa, Stripe, Figma and even Anthropic rely on Nivan these days. Go to nivan.com/20vctoday to see for yourself. And you'll get a chance to win two business class flights anywhere in continental US. No purchase necessary, rules apply. Head over to nivan.com/20vc now. What's Nivan? Simplifies the travel. Airwale, it simplifies the spend behind it. Founders, let's get real about the growth tax. You've raised VC funding and you're scaling globally. And it's no longer about shipping product. It's about orchestrating operations across continents. Because suddenly, your payments and finance stack is choking your growth. You're logging in to lots of different banking portals, waiting days for transfers and reporting across entities. It's operational drag and it's at your scale. It's costing millions. That's why I'm so excited to partner with Airwallets. Airwallets are more than just a banking alternative to HSBC or Citi. Airwallets brings you an intelligent financial operating system that powers how global businesses operate and grow, allowing you to manage and automate banking, treasury, payments and spend. The most exciting part for me, they're heavily investing in agentic finance. If you're scaling globally, you need a banking and finance platform that's borderless, real-time and intelligent. Check out Airwallets today and see how they're helping thousands of businesses like Canva, McLaren and Deal. Scale at airwallets.com/20vc.
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Aaron, dude, it's so lovely to have you on the show. You know that we have Rory on every week and he's just like, Aaron is the greatest. I'm not going to do his accent because I suck at them, but he's like the greatest.

**Aaron Levie** (4:31)