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.
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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.
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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)
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Brought to you by Autoskills (https://autoskills.ai) – Helping teams go from AI-curious to AI-ready with tailored workshops and hands-on adoption.
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Blog: https://tomtunguz.com
X/Twitter: https://x.com/ttunguz
LinkedIn: https://www.linkedin.com/in/tomasztunguz