This is a remarkably candid conversation in which Ben Horowitz (co-founder of a16z) shares his firsthand experiences with founder psychology, changes in the AI era, and decisiveness in crisis. With the powerful message "If your gut isn't churning, you're not even trying," he emphasizes what it truly means to be a founder, how to overcome fear and doubt, and the attitude leaders must maintain during times of chaos. It's a story that provides practical insights and courage for all founders looking to survive and grow amid AI and the changing venture ecosystem.

1. The True Founder Mindset

From the very start of the conversation, Ben drives home that a true founder must "feel as though there is no choice but to build the company." Simply putting out a product slightly better than competitors is meaningless -- you must create something truly innovative.

"If your gut isn't churning, you're not even trying."

When asked why he didn't retire and instead jumped back into another adventure, he says, "I had an idea, and I had to show that idea to the world." According to Ben, the founder's path doesn't stem from a logical choice but from an instinctive pull -- a desire to throw yourself in completely.

2. The AI Era and the Emergence of a Different Kind of 'Computer'

Tracing the evolution of technology, Ben explains that the change brought by AI is fundamentally different from the previous "network era." While the internet, cloud, and mobile were about expanding channels and touchpoints, AI has opened an entirely new computational paradigm: the 'probabilistic computer'.

In the past, innovation required growing the size of networks, but now that everyone is already connected to the internet, with excellent AI, you can reach countless users in an instant.

"AI is now clearly a 'new computer.' The old ones were deterministic, but AI is probabilistic."

In this way, AI is opening paths to create billion-dollar startups with just a handful of people, and the forecast is that so-called "solo founders" will become more common.

3. Billion-Dollar Companies and Small Teams: Founder Possibilities in the AI Era

In a reality where LLMs (Large Language Models) can even write code well, it's now possible to create billion-dollar companies with far fewer people, faster, and from diverse locations. The example of Instagram being acquired for $1 billion with just 13 employees illustrates this.

"The bar for what people want keeps rising, and those needs expand endlessly."

However, Ben also emphasizes the historical trend that no matter how small and fast you start, customer expectations keep rising, so organizations will inevitably grow larger in the long run.

4. What Is the 'Real Competitive Advantage' of AI Apps?

In response to concerns that many AI startups or products are merely "GPT wrappers" with low differentiation, Ben identifies a decisive point. Competitiveness emerges not from simply wrapping a foundation model in an app, but from actually incorporating proprietary data and building complex, multi-layered model architectures optimized for specific users.

"To eliminate competitors, a slightly better product won't cut it. You need to be at least 10x better to capture the market."

While network effects -- monopolistic structures built through user and data accumulation -- haven't fully materialized yet, in early markets, the simple function of "it works = it's the best" is overwhelmingly important.

5. AI and Changes in the Venture Capital Ecosystem

He diagnoses that AI is completely transforming the venture capital ecosystem itself. In the past, developing a product required manufacturing, sales, distribution, and many specialized personnel and capital, but now global services can be created instantly with just a few capable people.

"In the past, maybe 15 companies per year could reach $1 million in revenue. Now it could be 150, or 1,500."

In this changing landscape, the primary role of VCs will be "pushing founders to create momentum." What still matters most is the ability to discern who among candidate companies will ultimately win.

6. Founder Psychology: Fear, Self-Doubt, and Decision-Making

Ben emphasizes that the heaviest "doubt" and "fear" in the founding process come not from others but from yourself, warning that indecisiveness born from not knowing can kill a company.

"The worst doubt doesn't come from others -- it comes from yourself."

"You can never be 100% sure that what you're doing is right. But you still have to make the decision and move."

Founders inevitably hesitate, fearful of "what they don't yet know," but at those very moments, taking action without stopping or postponing is the most important thing.

7. a16z and a New VC Model for Supporting Founders

Recalling the early days of a16z's founding, Ben criticizes how the existing VC model wasn't very helpful to founders. As a result, a16z built a broader support organization that could actively help with hiring, sales, networking, and overall operations -- not just serve as passive investors.

"We worked to create an organization that could give you practical help so you'd feel like a CEO right away."

The importance of mentors who can provide experience-based, concrete advice, and the evolution into an innovative VC model offering customized support through "verticalization" by industry, country, and technology area, are clearly demonstrated.

8. The Real Dilemmas Leaders Face in the Startup Environment

With numerous real-world examples, Ben says, "Most important decisions are actually clear. The hard part is psychologically making and executing those decisions." He shares his own painful regrets and moments of success.

"We went for an IPO when we had just $2 million in revenue. It was either bankruptcy or going public. Not stopping and just getting it done -- that was the magic of that moment."

This resolute attitude and rapid execution are proven through real cases to be the most essential virtues for leaders in crisis.

9. Leadership Through Change and Adaptation

In a landscape where technology, markets, and organizations keep changing, Ben emphatically states that "what worked well in the past won't work going forward." a16z itself has had to boldly abandon familiar fields and methods, continuously learning anew and "upgrading" the entire organization.

10. True Competitiveness: Focus on the Size of Strengths, Not on Weaknesses

When evaluating founders or products, what Ben values most is not perfection but rather "one strength that is the best in the world." In other words, no person or company is without flaws, but one exceptional strength is absolutely necessary.

"We don't look for founders without weaknesses. Instead, we look for that something that is the strongest in the world. The magnitude of that strength is what matters."

11. Final Encouragement and Advice for Founders

At the end of the long conversation, Ben leaves founders with these words:

"If you've bet on believing in yourself, you've already made a great start. There will inevitably come times when you question that belief, but don't pay attention to the doubt. It's not the fear you feel but the action you take that changes the outcome."

And he reaffirms that founding is a journey taken alongside fear.

"If your gut isn't churning, you haven't truly jumped into the game."

In Closing

Ben Horowitz's story isn't just theory or a success tale -- it's advice forged from blood and sweat, from countless collisions and falls in the real world. For all founders navigating the age of AI and chaos, what is most needed is relentless execution and the courage to push forward with your idea despite fear and doubt. That message comes through loud and clear. "Hot enough to make your gut churn!" -- take action and take on the challenge