From Fortune:

Roelof Botha, managing partner and senior steward at Sequoia Capital, is the guest on this episode of Fortune’s Leadership Next podcast. Botha shares his excitement for AI and discusses industries that could use an AI boost, how decision making is approached at Sequoia, and why he believes venture capital is overfunded. He also gives insight into the changes in venture capital and the challenges faced by the industry over the past few years. Botha emphasizes that venture capital is not an asset class. Murray and Lev-Ram discuss various aspects of the interview, particularly the impact of interest rates on companies’ valuations, as well as their experience with unicorns and decacorns funded by Sequoia Capital. They also delve into the current state of the industry and the return to “normality” after a period of inflated valuations. Murray suggests the idea of renaming their podcast to “AI Next” due to the current hype around AI. Botha shares his thoughts on how recent changes in the market and increasing interest rates have affected valuation of companies in the venture capital industry, emphasizing that the decline in the market may be a return to normal. Botha also highlights the importance of working with daring founders and building legendary companies, drawing from Sequoia’s partnership with YouTube founders and their involvement in company building in the early stages.



Read more: Sequoia’s Botha says leaders should stay open to opportunities that ‘don’t announce themselves’