20VC: The Venture Model is Broken | You Need to be Greedy and Selfish to Win Early Stage Investing | Why Margins Do Not Matter for Early-Stage Startups | The Growth Rate that is Required in a World of AI with Gili Raanan, Founder @ Cyberstarts

**Gili Raanan** (0:00)
No, I don't think it's going to work. I think it's going to end up with some serious catastrophe for many of the players. The market is not balanced. A lot of that cash that's flowing into the market would be wasted. Venture is a game. You know, we know very little. When we get into investments, we need to be selfish, and we need to be greedy. Those are good trades for an early stage investor. As an investor, you look at yourself and say, okay, I really fucked up. I'm not in a business of babysitting founders.

**Harry Stebbings** (0:33)
This is 20VC with me, Harry Stebbings, and what a guest we have in the hot seat for you today. Gili Raanan, founder of Cyberstarts, and one of the most successful seed investors ever in his 19 company portfolio of Fun 1 Check this out. He invested in Adekakorn, Wiz, seven unicorns, and he had three other companies acquired. That is an insane hit rate. Prior to Cyberstarts, Gili spent over 15 years as a general partner at Sequoia, where he invested in some of the world's best cybersecurity companies. But before we dive into the show today, you know what's wild? It's 2026 and so many product teams are still flying blind, buried in spreadsheets, chasing feedback across ten different tools, trying to figure out what actually will move the needle. I've spoken to with hundreds of product leaders and the best teams all do one thing differently. They build a system to capture ideas, validate them with real data and focus their roadmap on the right things. That's why product teams at Canva, Deliveroo, Toast, Decathlon use Jira Product Discovery. It pulls ideas and feedback into one place, with built-in tools to prioritize what will actually have the biggest impact. That's when a roadmap stops being an endless list of ideas and becomes a plan people actually believe in. Join more than 20,000 teams already using Jira Product Discovery. Head to atlassian.com/harry.
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**Gili Raanan** (4:32)
You have now arrived at your destination.

**Harry Stebbings** (4:35)
Gili, we have been friends for a while. We did a show remote and it is just so much better in person. And so I've been so looking forward to this. I also love shows. You got to remember why I do this show. I do this show because I love to learn from people who are so much wiser than me. And it's like the greatest joy to have you here with me. So thank you for doing this dude.