496. How Model Progress Shifts the Goalposts, Why The Death of Software Is Overstated, and How to Diligence Hypergrowth Without Getting Burned (Jacob Effron)

The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified · Nov 17, 2025 · 37m

Jacob Effron of Redpoint joins Nick to discuss How Model Progress Shifts the Goalposts, Why The Death of Software Is Overstated, and How to Diligence Hypergrowth Without Getting Burned. In this episode we cover:

Investing in AI and Vertical Applications

Model Layer Advancements and Future Milestones

Challenges and Opportunities in Agentic AI

Investing in Tooling and Middleware

Product Market Fit and Defensibility in AI Applications

Verticals with Real Product Market Fit

The Evolution of AI Investing Metrics

Future Trends in AI and Robotics

Guest Links:

Jacob's LinkedIn

Jacob's X

Redpoint's…