On this episode of The Ben & Marc Show, a16z co-founders Marc Andreessen and Ben Horowitz dive deep into the unfiltered story behind the founding of Andreessen Horowitz—and how they set out to reinvent venture capital itself. For the first time, Marc and Ben walk through the origins, strategy, and philosophy behind building a world-class venture capital firm designed for the future—not just the next fund. They reveal how they broke industry norms with a bold brand, a full-stack support model, and a long-term commitment to backing exceptional builders—anchored in the radical idea that founders deserved real support, not just checks. Joining them to guide the conversation is Erik Torenberg—Andreessen Horowitz’s newest General Partner—who makes his Ben & Marc Show moderating debut. Erik is a technology entrepreneur, investor, and founder of the media company Turpentine. You can learn more about Erik via Marc’s announcement [here]. Together, they explore: - Why traditional VC needed reinvention - How a16z scaled with a platform model, not a partner model - The "barbell strategy" reshaping venture capital today - Why venture remains a human craft, even in the age of AI We’re thrilled to welcome Erik to the team—and we hope you enjoy this inside look at the structure, philosophy, and future of a16z. Topics covered: 00:00 - Intro / Welcome Erik Torenberg to a16z 00:26 - Why Traditional Venture Capital Was Broken 03:05 - Marc on Discovering VC and Its Legends 05:12 - Surviving the Dot-Com Crash and Angel Investing Collapse 07:05 - Helping Founders Raise Venture / Fix VC Relationships 08:47 - The a16z Strategy: Building a Support Platform 12:07 - First Fund Wins: Skype, Instagram, Slack, Okta 12:50 - Building a 'World-Dominating Monster' 15:00 - The Sushi Boat VC Problem 18:07 - Treating LPs Differently 21:40 - Marc and Ben's Working Relationship 23:30 - Updating a16z’s Media Strategy for the Social Era 27:20 - History of the Decentralized Media Environment 30:36 - Decline of Corporate Brands and Going Direct 36:06 - Naming the Firm 40:13 - Building the a16z 'Cinematic Universe' of Talent 42:16 - Creating a Federated Model 51:02 - Deciding to Market the Firm 53:26 - Recruiting General Partners 56:33 - Evolution to Full-Stack Companies 01:03:53 - The Barbell Theory: The Death of Mid-Sized VCs 01:11:50 - Why Venture Capital Should Stay Overfunded 01:19:50 - When a16z Knew It Could Be Top Tier 01:25:58 - Venture Capital is an Art, Not a Science Books referenced on this episode: - "The Revolt of the Public" by Martin Gurri https://bit.ly/4jDloba - "Infamous Scribblers" by Eric Burns https://bit.ly/4lSkaKy Listen to Us! Apple: https://bit.ly/3SdsfNt Spotify: https://spoti.fi/3SclPOr Resources: Marc on X: https://x.com/pmarca Marc’s Substack: https://pmarca.substack.com/ Ben on X: https://x.com/bhorowitz Erik on X: https://x.com/eriktorenberg Erik's Substack: https://eriktorenberg.substack.com/ Stay Updated: Find us on X: https://x.com/a16z Find us on LinkedIn: https://www.linkedin.com/company/a16z This information is for general educational purposes only and is not a recommendation to buy, hold, or sell any investment or financial product. Turpentine is an acquisition of a16z Holdings, L.L.C., and is not a bank, investment adviser, or broker-dealer. Individuals and companies featured during this podcast are not endorsing AH Capital or any of its affiliates (including, but not limited to, a16z Perennial Management L.P.). Any investments or portfolio companies mentioned, referred to, or described in this podcast are not representative of all a16z investments and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by a16z is available at https://a16z.com/investment-list/. All investments involve risk, including the possible loss of capital.  Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. Before making decisions with legal, tax, or accounting effects, you should consult appropriate professionals. Information is from sources deemed reliable on the date of publication, but a16z does not guarantee its accuracy.