Menlo Ventures’ Matt Murphy explains what AI startups founders must do differently

Summary

Matt Murphy of Menlo Ventures argues that AI startups are operating under a different growth curve than prior software waves. With Anthropic's revenue run rate climbing at a speed he says he has never seen, the market is resetting its expectations for what good looks like.

Why it matters

The message is simple: AI is no longer a normal SaaS cycle. Growth, compute costs, model quality, and distribution all matter at the same time, and the bar keeps moving.

Founder/operator read

Founders should assume investors will benchmark them against the fastest-moving names in the category. That means shipping quickly, measuring value tightly, and being explicit about how compute, data, and distribution translate into durable advantage.

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