20VC: Thrive & OpenAI Partnership | Eventbrite Acquired for $500M | Databricks Raising $5BN at $134BN Valuation: Cheap or Not? | Why SaaS is Like Japan and The TAM Trap in Software

**Rory Gillis** (0:00)
Google did a code red three years ago on them, and now they're doing a code red back. How much extra in multiple do you pay for how much extra in growth?

**Jason Lemkin** (0:09)
The majority of the pilot task companies, I think, are in a TAM trap.

**Rory Gillis** (0:12)
Overpayment only works when the TAM is huge. In finite TAMs, you got a bit more tightly.

**Jason Lemkin** (0:19)
Did SaaS has become like Japan?
I think it's a great economy, but if everyone only has.9 kids, there's only so many seats to go around. I think in the fastest growing companies that I've invested in, no one gives a rat's ass about the bottom line.

**Harry Stebbings** (0:35)
This is 20VC with me, Harry Stebbings, and I'm so excited to bring you our episode from Saasta, live in London, Jason Lemkin, Wario Driscoll, and I sit down to discuss the biggest news in tech this week. But before we dive into the show today, now most people who get scammed never talk about it. And if it can happen to tech savvy professionals, CEOs and investors, it can happen to anyone. But the problem isn't just losing money, it's that today's scams, they're built differently for a very new world, one where AI can generate convincing messages in seconds, and fake sites look more like real sites than the real thing. Traditional tools were not built for this future, and that's why Guardio exists. Guardio is this incredible predictive and proactive engine. It leverages advanced AI threat detection to block highly targeted, socially engineered scams before they ever reach you. From phishing emails and fake login pages to financial fraud, Guardio protects you across the ways people actually live and work online. And security shouldn't be complicated. Guardio continuously monitors across all your accounts and devices, uncovering risks in real time, and guiding you to close gaps before attackers exploit them. Trusted by over a million users, Guardio is setting the new standard for personal cybersecurity.
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**Rory Gillis** (4:17)
You have now arrived at your destination. That's Rory. What?

**Harry Stebbings** (4:22)
There's technical difficulties?

**Rory Gillis** (4:23)
I can see you, Harry.

**Jason Lemkin** (4:25)
Oh, Rory.

**Rory Gillis** (4:26)
Oh, I sound like the voice of God here.

**Jason Lemkin** (4:28)
Oh, amazing. Yeah.

**Rory Gillis** (4:29)
Oh my God, that's very big brother-ish.

**Harry Stebbings** (4:31)
This is amazing. So guys, I've done 20VC for like 10, 11 years. And I love it. I love it so much. But then we started doing these shows with Jason and Rory. And not only did I realize actually this is like my passion, but I realized that no one actually ever liked me in the first place. They just freaking love Rory and they learn SaaS from Jason. So this is going to be a live pod, which makes me inherently nervous and excited at the same time. For those that don't know, this is the show every week where we discuss the biggest news in SaaS, in tech, with no politics.