In this episode recorded live at TechCrunch Disrupt 2025, TechCrunch’s editor-in-chief, Connie Loizos, talks with Roelof Botha about Sequoia’s approach to finding and backing outlier companies — just days before he announced he was stepping down. They discuss why he thinks venture capital isn’t really an asset class, how Sequoia’s partners make investment decisions through fierce debates and consensus voting, and what the firm looks for in its Scout program. Botha also shares his perspective on the current AI boom—whether we’re in a bubble, how quickly winners are emerging in different verticals, and why founders should be careful about raising successive rounds at skyrocketing valuations.

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