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Max Levchin

👤 Person
513 total appearances

Appearances Over Time

Podcast Appearances

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

I decided two years ago that I was just going to read the attention paper and become an expert in LLMs, you know, just read all the papers after that. And I'm still in the process of getting anywhere near expertly status. I try to keep up. It's a lot of really interesting stuff happening in the AI.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

I decided two years ago that I was just going to read the attention paper and become an expert in LLMs, you know, just read all the papers after that. And I'm still in the process of getting anywhere near expertly status. I try to keep up. It's a lot of really interesting stuff happening in the AI.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

Agree. But I don't think we are going to stay with LLMs forever. I think we're going to expand the systems that use LLMs. Reasoning models already are not pure LLMs. They have some iterative processes within them. I think we'll invent more really interesting things with that. Like what?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

Agree. But I don't think we are going to stay with LLMs forever. I think we're going to expand the systems that use LLMs. Reasoning models already are not pure LLMs. They have some iterative processes within them. I think we'll invent more really interesting things with that. Like what?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

Agree. But I don't think we are going to stay with LLMs forever. I think we're going to expand the systems that use LLMs. Reasoning models already are not pure LLMs. They have some iterative processes within them. I think we'll invent more really interesting things with that. Like what?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

An obvious idea, which I know has been explored and will be explored more, is a notion of multiple competing LLMs basically debating each other for the right answer. Like that's not a pure LLM model. You can amplify intelligence of humans by having three smart people in a room instead of just one person.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

An obvious idea, which I know has been explored and will be explored more, is a notion of multiple competing LLMs basically debating each other for the right answer. Like that's not a pure LLM model. You can amplify intelligence of humans by having three smart people in a room instead of just one person.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

An obvious idea, which I know has been explored and will be explored more, is a notion of multiple competing LLMs basically debating each other for the right answer. Like that's not a pure LLM model. You can amplify intelligence of humans by having three smart people in a room instead of just one person.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

I generally really dislike stories that have no substance. So I think you have to ask yourself, are we taking full advantage of the best available tools? And the most interesting available tools right now are AI. So if you sort of look through your closet and say, hmm, we're not really using any of this stuff. I got to have a story for the market. You're doing two things wrong.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

I generally really dislike stories that have no substance. So I think you have to ask yourself, are we taking full advantage of the best available tools? And the most interesting available tools right now are AI. So if you sort of look through your closet and say, hmm, we're not really using any of this stuff. I got to have a story for the market. You're doing two things wrong.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

I generally really dislike stories that have no substance. So I think you have to ask yourself, are we taking full advantage of the best available tools? And the most interesting available tools right now are AI. So if you sort of look through your closet and say, hmm, we're not really using any of this stuff. I got to have a story for the market. You're doing two things wrong.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

You're telling a story that isn't true, and you're not using the most interesting available tools. If you're using the most interesting available tools, your investors might be happy if you told the story. But if you didn't, I don't think they should really care that much. As you go public, a lot of this becomes, are you growing at the right scale? Are you taking appropriate risks?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

You're telling a story that isn't true, and you're not using the most interesting available tools. If you're using the most interesting available tools, your investors might be happy if you told the story. But if you didn't, I don't think they should really care that much. As you go public, a lot of this becomes, are you growing at the right scale? Are you taking appropriate risks?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

You're telling a story that isn't true, and you're not using the most interesting available tools. If you're using the most interesting available tools, your investors might be happy if you told the story. But if you didn't, I don't think they should really care that much. As you go public, a lot of this becomes, are you growing at the right scale? Are you taking appropriate risks?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

Are you managing to profitability? The storytelling hour of like, oh, by the way, we have this shiny item that we're so excited about that feeds the voting machine. And I'm sure some of it is important, but I spent a lot more time feeding the weighing machine.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

Are you managing to profitability? The storytelling hour of like, oh, by the way, we have this shiny item that we're so excited about that feeds the voting machine. And I'm sure some of it is important, but I spent a lot more time feeding the weighing machine.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

Are you managing to profitability? The storytelling hour of like, oh, by the way, we have this shiny item that we're so excited about that feeds the voting machine. And I'm sure some of it is important, but I spent a lot more time feeding the weighing machine.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

Basically do exactly the same thing I do now. So before Affirm was a thing, I made a list of difficult problems that I thought required solving. I decided that financial services or money at the core is one that I am well suited to solve, just given my past experience that I bring. But if I knew I couldn't fail at anything, I would revisit my list of hard problems.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

Basically do exactly the same thing I do now. So before Affirm was a thing, I made a list of difficult problems that I thought required solving. I decided that financial services or money at the core is one that I am well suited to solve, just given my past experience that I bring. But if I knew I couldn't fail at anything, I would revisit my list of hard problems.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Affirm Max Levchin on Why Grading Talent by Letter (A or B) is Total BS | How to Create a Culture of Post Mortems and Writing | Why You Should Only Study Failure Not Success & The Biggest Surprises Scaling to $18.7BN Market Cap

Basically do exactly the same thing I do now. So before Affirm was a thing, I made a list of difficult problems that I thought required solving. I decided that financial services or money at the core is one that I am well suited to solve, just given my past experience that I bring. But if I knew I couldn't fail at anything, I would revisit my list of hard problems.