One of the leading U.S. venture capital firms, Andreessen Horowitz (a16z), has published a new analytical piece arguing that late-stage venture investing is increasingly centered not on companies themselves, but on the founders who lead them.
In recent years, technology companies have remained private for much longer before going public. As a result, billions of dollars in capital are being deployed into growth-stage startups. However, according to a16z, this trend is less about financial metrics and more about the long-term decision-making ability of founders.
David George, a partner at a16z, argues that technology alone does not create a sustainable competitive advantage. The real value lies in a founder’s ability to identify opportunities earlier than others, make correct strategic decisions, and continuously steer the company toward new directions.
The report highlights examples such as Ali Ghodsi, co-founder of Databricks, and Patrick and John Collison, the founders of Stripe. These founders are presented as leaders who continue to innovate and unlock new growth vectors even after their companies have reached large-scale status. a16z also points to another major shift: the Silicon Valley practice of replacing founder-CEOs with professional executives is gradually disappearing. Investors increasingly recognize that a company’s strongest advantage is often the founder themselves.
This perspective becomes even more relevant in the era of artificial intelligence. AI enables small teams to compete with billion-dollar companies, shifting investor focus away from technology alone toward leaders who know how to apply it effectively.
At the same time, the ongoing AI boom has driven record capital inflows into late-stage venture funds. Since the beginning of 2026, growth and late-stage funds in the U.S. have raised tens of billions of dollars. Investors are particularly focused on fast-growing AI companies with relatively lower risk profiles.
According to analysts, venture capital markets are gradually shifting from a “company-first” investment model to a “founder-first” model. This reflects a broader change in which strong leadership, not just product innovation, is becoming a key driver of startup success.
