{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Cheat Code & Friends","title":"Founder Curiosity, Growth and Valuation - Season 5: Episode # 94","html":"","width":"100%","height":180,"duration":3161,"description":"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.\n\nIn 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.\n\nTune 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.\n\nChapters\n00:00 Introduction and guest background\n02:17 Stage 2 Capital's investment thesis and history\n05:30 Market evolution from 2018 to today\n10:07 Impact of AI on venture and market opportunities\n15:04 The role of curiosity and innovation in startups\n20:42 Pricing models and outcome-based strategies in AI\n25:46 Customer success, retention, and long-term value\n30:09 Valuation approaches and market dynamics\n36:09 The messiness and opportunities in early-stage investing\n40:14 Valuation discipline and market noise\n45:05 Future outlook and strategic positioning\n\n\nReferences in the Show:\nhttps://techcrunch.com/2026/03/20/ai-startups-are-eating-the-venture-industry-and-the-returns-so-far-are-good/ \n\nhttps://www.stage2.capital/ \n\nQuote of the Show:\n“One thing that I've been finding pretty interesting is how companies are being funded relative to their underlying fundamental performance from...","thumbnail_url":"https://img.transistorcdn.com/AoPG3flkss3fsfc-m7ywyJ39XTunoIaKRubQ7PAkerg/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9lNWVl/YWZiNDRlMGVlYjVi/MmE4MzhjNWQ1ZWMz/NDZmMC5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}