Term Sheet

“Give everything you have to the people around you.” That’s Redpoint partner Meera Clark’s advice for aspiring venture capitalists looking to break into the increasingly competitive industry.

In this episode of Term Sheet, Clark defines what “greatness” looks like in founders and explains why revenue is an outdated metric.

Why revenue is an outdated metric | Term Sheet

Tech

Chemistry cofounder Kristina Shen says the market may be nearing a “reckoning” point. So why is she still optimistic going into 2026?

In this episode of Term Sheet, Shen discusses why she decided to co-found her own VC firm, her excitement around health care, and why her team is focused on bringing the human element into venture capital. Allie also talks about the recent SpaceX and xAI merger and her exclusive feature story on Kleiner Perkins.

Chemistry cofounder: “more talented founders than ever” are moving into health care | Term Sheet

As resource-hungry data centers continue to sprout around the country, many are wondering whether our current utility network has the capability to handle such large-scale demands. Exelon CEO Calvin Butler says yes. Exelon is one of the nation’s largest public utility companies. It serves around 11 million customers, ranging from individual apartment owners to massive corporations. Butler joins Term Sheet to talk about how he and Exelon are working to address the surge in power demands sparked by new data centers while still serving the diverse array of consumers that make up their customer base.

Exelon CEO on if our utilities can handle the AI boom | Term Sheet

The artificial intelligence PhD to VC pipeline may seem relatively obvious now but Jenny Xiao, cofounder of Leonis Capital, forged this path well before the AI boom ever started. She left a PhD program at Columbia to join OpenAI as a researcher and, one week after the debut of ChatGPT, she left to cofound Leonis Capital, a “research-driven” VC firm. Having seen the world of artificial intelligence through an academic, market, and investor lens, she joins Term Sheet to talk about why AI companies should be valued closer to (or even below) SaaS, the role academia plays in AI progress, the possibility of another “DeepSeek” moment, and more. 

Allie also talks about Fed Chair Jerome Powell’s surprising Sunday night video and her recent story on Strava. 


OpenAI Researcher turned VC on what we’re missing on the AI Bubble 

On day 36 of the U.S. government shutdown – fueled in part by clashes over the Affordable Care Act and the country’s healthcare system – Allie talks to someone working to disrupt and fix that system: Cityblock Health cofounder and CEO Dr. Toyin Ajayi. A former physician for at-risk patients, Ajayi saw how the system can sometimes work against patients, driving burnout and increasing costs. She cofounded Cityblock Health, a tech-forward healthcare startup that provides care to underserved communities. She joins Allie to talk about healthcare reform and how technology can lead to better health outcomes. 

“Healthcare isn't working for anybody,” says Cityblock Health’s Dr. Toyin Ajayi | Term Sheet

On this week’s Term Sheet, Allie talks with Steven Eidelman, founder and CEO of Modern Animal, a tech-forward veterinary clinic with 28 locations across Texas and California. Last month Modern Animal raised $46 million in Series D funding after making 85% year-over-year growth in 2024. Eidelman founded Modern Animal after selling his first start-up, Whistle, for $119 million in 2016.  Allie and Steven talk about how the affordability crisis is impacting pet care, why he decided to disrupt the veterinary industry, how AI is integrated into Modern Animal, and more. Allie also muses on the possibility of a trillion dollar startup and talks about OpenAI’s new browser, Atlas.  

Vet care for the 21st century with Modern Animal’s Steven Eidelman

Oura has been making headlines for months, most recently with its massive $900 million funding round, valuing the wearables giant at $11 billion. And before that, for expanding its partnership with the U.S. Department of Defense, causing social media controversy. In September, while at Brainstorm Tech, Allie sat down with Oura CEO Tom Hale to talk about the company’s growth, data privacy, the biggest challenge he’s faced as CEO, the unexpected places he’s unlocked consumer value, and more.

“Success disasters,” data privacy, and unlocking growth with Oura CEO Tom Hale

OpenAI has had a huge week. Fresh off launching the AI video generation and social app Sora 2, they closed a multibillion dollar partnership with AMD that sent the company’s stock soaring. This was quickly followed by the release of new features, like agent-building and ChatGPT app integration, meant to supercharge OpenAI’s hold on the culture. 

Allie sat down with OpenAI COO Brad Lightcap at the company’s DevDay in San Francisco to discuss where the company stands in the enterprise market, what he thinks of the “AI bubble,” that MIT study, and more. 

"Bubbles have almost always preceded some important technological shift”: OpenAI's COO

Hans Tung first became a VC in his 20s and has gone on to invest in some of the most successful companies of our time––household names like Airbnb, Slack, Coinbase, and Peloton, among others. He was an early backer of Musical.ly, the app that became TikTok. Hans cofounded the firm GGV Capital, which then split into the Singapore-based operation, Granite Asia, and the U.S.-based Notable Capital, where he’s now managing partner. Allie and Hans talk about what makes a good investor, what he looks for in founders, his take on AI bubble anxieties, and more.

The Sociology of Startup Success with VC Powerhouse Hans Tung

Paul Copplestone is the CEO and Co-founder of Supabase, the open source Postgres development platform designed for web and mobile apps to scale quickly. The company knows a thing or two about growing fast – only 5 years old, this April they raised $200 million in Series D funding round and were valued at $2 billion. Paul stopped by Term Sheet to talk about how he builds a remote and egoless company culture, why he likes hiring founders, and how being from New Zealand has impacted his entrepreneurial journey.

The “Egoless” Company Culture that Powers Supabase with CEO Paul Copplestone

Phoebe Gates and Sophia Kianni met as roommates at Stanford. Now, they’re the cofounders of Phia, an AI-powered shopping agent that just raised an $8 million seed round led by Kleiner Perkins and has participation from household names like Hailey Bieber,  Kris Jenner, and Sheryl Sandberg. For this episode of Term Sheet, Allie spoke with Phoebe, Sophia, and Annie Case, a partner at Kleiner Perkins, about what’s wrong with online shopping today, how to build a consumer company, why there aren’t more women building companies, and what AI tools can bring to the digital shopping experience.

Inside Phia's $8 Million Seed Round

Sebastian Siemiatowski has achieved something few founders ever do: he’s brought a private company to the public market. Now, if you want, you can own a piece of Klarna. But still, to Sebastian, the day he visited Walmart Founder Sam Walton’s grave in Arkansas will always be more exciting than ringing the NYSE bell. On this episode of Term Sheet, Sebastian talks about how being from a Polish immigrant family in Sweden led him to idolize Walmart, Klarna’s bigger than BNPL business model, and how the future financial services will embrace AI and put the customer back in the driver’s seat.

Klarna CEO Sebastian Siemiatowski on the IPO, Loving Walmart, and Embracing AI

This week Allie sits down with Evan Reiser, CEO and Founder of Abnormal AI. Evan and Allie talk about Evan’s journey from a “cyber outsider” to a cybersecurity firm founder, how AI tools supercharge both cyber crime and cybersecurity, and why he’s totally “AI-pilled” when it comes to imagining the future. Plus: Allie gives her honest take on whether we are in an artificial intelligence bubble and talks about why the US stake in Intel might not be a good sign for startups.

The Brave New World of AI Cyber Crime with Evan Reiser from Abnormal AI

This week, Allie sits down with Guillermo Rauch, Founder and CEO of Vercel and the “P.T. Barnum of Vibe Coding”. They dive into how vibe coding is playing a role in democratizing the internet, how AI will change the future of entry level tech jobs, and Guillermo’s approach to investing. Also in this episode: the IPO boom, and the state of startup hiring.

Vibe Coding, Tech Jobs, & Democratizing the Web with Vercel’s Guillermo Rauch | Fortune Term Sheet

This week, Allie speaks with Rebecca Lynn, Managing Director at Canvas Prime and trailblazing venture capitalist. Together they discuss Rebecca’s roots in the Midwest, her path to Silicon Valley and what she’s learned as an entrepreneur turned venture capitalist. Also in this episode: the unusual deal between Nvidia and the US Government, and the new class of AI billionaires.

Nvidia + AMD’s Deal & Unfiltered Chat with OG VC, Canvas Prime’s Rebecca Lynn

This week, Allie interviews Taylor Otwell, Founder and CEO of Laravel. Together they discuss Laravel's rise as an Arkansas-based tech company, Taylor's early decisions as a founder, and the passionate Laravel community. Also in this episode: Figma's succesful IPO, OpenAI's latest funding round and the deal of week: Joby Aviation.

OpenAI Raises More Capital, Joby Aviation’s Air Taxi Play & The Power of Community in Tech

Welcome to the Term Sheet podcast! In this new series, Allie Garfinkle adapts her newsletter in audio and video format, diving deeper into the latest news and insights on private equity, venture capital and startups. This weekly show will expand on the elements that made the newsletter an essential subscription for investors, with industry leaders guests and a roundup of the biggest funding news.

This week, Allie interviews Will Hurd, Chief Strategy Officer at CHAOS Industries. Together they discuss Will's background as a CIA officer, and a new era for defense, tech and DoD partnerships. Also in this episode: Figma's IPO and the deal of week: Ramp.

Term Sheet

Why revenue is an outdated metric | Term Sheet

Latest episode

Episodes (17 episodes)

Why revenue is an outdated metric | Term Sheet

Chemistry cofounder: “more talented founders than ever” are moving into health care | Term Sheet

Exelon CEO on if our utilities can handle the AI boom | Term Sheet

OpenAI Researcher turned VC on what we’re missing on the AI Bubble

“Healthcare isn't working for anybody,” says Cityblock Health’s Dr. Toyin Ajayi | Term Sheet

Vet care for the 21st century with Modern Animal’s Steven Eidelman

“Success disasters,” data privacy, and unlocking growth with Oura CEO Tom Hale

"Bubbles have almost always preceded some important technological shift”: OpenAI's COO

The Sociology of Startup Success with VC Powerhouse Hans Tung

The “Egoless” Company Culture that Powers Supabase with CEO Paul Copplestone

Inside Phia's $8 Million Seed Round

Klarna CEO Sebastian Siemiatowski on the IPO, Loving Walmart, and Embracing AI

The Brave New World of AI Cyber Crime with Evan Reiser from Abnormal AI

Vibe Coding, Tech Jobs, & Democratizing the Web with Vercel’s Guillermo Rauch | Fortune Term Sheet

Nvidia + AMD’s Deal & Unfiltered Chat with OG VC, Canvas Prime’s Rebecca Lynn

OpenAI Raises More Capital, Joby Aviation’s Air Taxi Play & The Power of Community in Tech

Figma IPO: What Investors Need to Know, and Understanding Defense Tech