20VC: Is Seed Investing Dead Without a $1BN Fund? | Does Ownership and Price Matter When Companies Can Be $1TRN Exits | Are AI Revenue Numbers Real and What to Watch Out For with Venky Ganesan, Menlo Ventures

Venture ownership and classic seed math matter less than being positioned inside the handful of AI companies destined for trillion-dollar outcomes.

• Seed math has broken: Teams tell Ganesan they "can't find anything under $100 million"—referring to round size, not valuation—making traditional seed investing nearly impossible without scale.
• Revenue metrics are being gamed: Ganesan flags "contracted annual revenue that's not actually annual," extrapolated best-day run-rates, and net revenue retention manipulation as recurring red flags this cycle.

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