
19 segments available
Marc Andreessen and Ben Horowitz sit down with Margit Wennmachers—the woman who turned two unknown entrepreneurs with $300 million and zero investing track record into the most talked-about firm in venture capital. She unpacks how they weaponized transparency in an industry built on secrecy, why Fortune's cover story triggered a cartel meltdown, and the exact moment a casual lunch conversation became "Software Is Eating the World." This is the origin story of how A16Z broke every unwritten rule, made enemies of every top-tier firm, and permanently rewired what it means to build companies in public. Timestamps: 00:00 - “You die or I die” - The Enterprise Sales DNA of a16z 00:43 - Meeting at The Creamery: When the Firm Had No Office 02:09 - “Let’s assume success, shall we?” 04:54 - The Sushi Boat Theory of Venture Capital 06:24 - “Treat LPs Like Mushrooms” 09:00 - Breaking the VC Omertà 11:00 - “We don’t have products. We have people and ideas” 14:45 - The Fortune Cover That Started a War 20:25 - “I see the trigger and the middle finger” 28:03 - Software is Eating the World: One Draft, No Edits 29:45 - When Nobody Would Publish “It’s Time to Build” 33:36 - Why Ben Had to Write a Book 39:18 - “No hugs and no lessons” - The Seinfeld Rule 41:30 - “You can’t market a company without a character” 46:27 - The TED Talk as Fake Religion 50:33 - The GPT Test for Human Communication 53:30 - “How many people have something to say every day?” 54:45 - Zuck’s Gold Chain and the Death of Media Training 57:00 - Every Company Needs a Personality Resources: Find Margit on X: https://x.com/wennmachers Marc on X: https://x.com/pmarca Marc’s Substack: https://pmarca.substack.com Ben on X: https://x.com/bhorowitz Stay Updated: Find us on X:https://x.com/a16z Find us on LinkedIn: https://www.linkedin.com/company/a16z/ The views expressed here are those of the individual personnel quoted and are not the views of a16z or its affiliates. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest in any a16z funds. PLEASE SEE MORE HERE: https://a16z.com/disclosures/
"I cause a lot of antagonism between us and the other firms in those days. >> Your filter is like you're going to get the deal or I'm going to get the deal. You die or I die. >> And they're not exactly..."
">> All right. Welcome to the A16C. What are we on? The Mark and Ben show. Welcome to the Mark and Ben show. Um today we've got Margaret Wenmachers, the legendary >> Oh jeez. uh head of marketing for A..."
"you asked for my email address and so that's how we were introduced. Ah, >> and then I was told to go to the crearyy. The waiter at the crearyy, he's like, "Go be it here. They're meeting with some de..."
"they all said that's a dumbass idea for a fund. you should definitely not do it. Uh >> they just wanted to give you jobs, I'm assuming. >> Uh yeah. Well, they they were like, well, you know, well, one..."
"had just we we had been entrepreneurs and so we just had a very different perspective on what we actually needed from our venture firms and so we we just had a very different view than the incubators ..."
">> So they wanted to basically have no risk, >> but then when the company goes public, it's like, "Hey, I did that." Right. So it was it was kind of we did it backwards, if you will. >> Yeah. You're r..."
"value and that was different enough to me having met like most of all the other VCs >> and then you know the tall guy over here had co-created the browser so that was not a VC credential but it was an..."
"sushi. >> I remember thinking you know what >> I'm not sure that this is going to be as hard as we thought it was going to be. >> You mean the competing part? >> Competing part. Exactly. >> Yeah. It w..."
"It was some fun. But that that kind of set off um kind of really positioning us at that point. We knew we weren't going to be friendly with the industry. So we were not only not going to be in the car..."
"was very I think we had just raised a second fund maybe >> and the way it came about was entirely random if you will. So at the time there was a guy um you know the economist has these reporters and t..."
"Ryan, >> can I ask you a hypothetical that thing like if I like you've been at the journal and it's like, of course, like it's a joke. That's not even a question. >> But times have changed, so nobody ..."
"seemed one it seemed crazy because the blog was doing so well. So like aren't books pass a at least to us. I mean >> and then um yeah and then we didn't have I didn't have time. So like why did you th..."
"about you also learn a lot when you write a book. So I I think everybody's it set the standard of you can't just have an idea here. you have to be able to really think it through, be able to articulat..."
"marketing of companies has changed so much uh because you're really now marketing a person. And that's a lot what we did at the firm now because the firm had our name. It was a natural. >> Also, we do..."
"is exactly my point. TED talks are these very manicured >> things that like work for a minute. But like anybody who's seen so many TED talks is like this is all the same. It's all the exact same plast..."
"world. >> My new my new version my new version of this my the new test I think is happening is what we might call the GPT test, which is okay, if if what somebody says is in indistinguishable from cha..."
">> Yeah. >> Yeah. Yeah. Yeah. And you know, like but people are changing like it's been interesting to watch uh our friend uh Mark Zuckerberg kind of change his public persona so much so fast. >> So g..."
"who train him are like super geniuses and they were fantastic. But they they themselves were trained in what I would describe as like 1980s, 1990s style politics. >> They came out politics in particul..."
"going to need this kind of personality. >> They're gonna need somebody who can do this and it's it's a different leadership profile. >> Do you think it has to be the CEO? >> I I think it's really hard..."