The Ultimate Founder is "Open-Minded x Disagreeable": The Talent Profile Pursued by Benchmark GP

This article provides an easy-to-understand explanation of the transformations brought about by AI, the profile of an excellent founder, and Benchmark's investment approach, based on an interview with Victor Lazarte, a General Partner (GP) at Benchmark who transitioned into an investor after founding and selling a mobile gaming company. Lazarte is a unique figure who possesses both the background of having "built a global business from a bootstrap (self-funded) start" and the experience of being an investor involved with numerous promising AI companies.

The goal of this article is to provide a bird's-eye view of how startup founding and the role of investors will change in the coming AI era, as well as how society as a whole will transform, while incorporating professional perspectives.

1. Lazarte's Background and "From Scratch" Entrepreneurial Story

1-1. Lessons Learned from Bootstrapping

Around 2011, Lazarte founded a mobile gaming company in Brazil. At the time, the Brazilian VC market was immature, and investment terms were often extremely harsh for entrepreneurs, such as "half the equity for $50,000" or "20x liquidation preferences."
As a result, he gave up on external funding and adopted a bootstrap strategy to get the business off the ground. The mobile game grew rapidly, and he eventually grew the company to achieve over 4 billion downloads and generate $350 million in annual revenue.
He candidly states, "I didn't want to bootstrap from the beginning, but I had no choice," but at the same time, the practical management know-how he gained during this process seems to have nurtured his perspective as an investor later on.

1-2. Reading the Market: A "Present" Orientation and Timing

Lazarte emphasizes that "it is more important to identify the growing 'present' than an unpredictable future."
For example, the background behind choosing mobile gaming was market data showing that "in the one year from 2008 to 2009, the number of mobile app downloads surged 42-fold." He says that rather than making grand claims about "what it will be like in the future," it was successful because he "combined his passion (gaming) with a rapidly growing field that was already manifesting."
Using the same logic, he notes that "Amazon and Google were born during the dawn of the internet, Uber and Instagram were born during the mobile heyday, and now we are seeing the explosive spread of Large Language Models (LLMs)," and says that "the best timing is to start a business in a field that is already growing rapidly."

2. The Impact of AI and the Problem of "Human Replacement"

2-1. The Truth About "AI Augments Humans"

Regarding the message put out by large corporations that "AI only augments humans and does not replace them," Lazarte asserts, "This is a lie."
In reality, he says there is a high possibility that a large amount of intellectual labor will be "entirely replaced by AI." Beyond just being a tool, it is already beginning to produce output that surpasses humans in areas such as research, documentation, and interview and recruitment support.
According to him, as long as the quality and speed of the answers and proposals provided by AI continue to improve, the impact of the work of many "people currently doing intellectual work in front of PCs" transforming or disappearing is unavoidable.

2-2. The Future of Intellectual Labor and Concerns About Widening Inequality

On the other hand, he points out that "corporate value will increase even further." This is because the labor costs required to achieve the same results will drop significantly, and more highly profitable companies will be born one after another.
While this is a benefit for shareholders and founders, the change in the labor market as a whole could lead to serious social problems such as "the uneven distribution of wealth and widening inequality."
Lazarte predicts that "not all intellectual labor will remain in the same form 10 years from now," and that the existing occupational structure will change dramatically. At the same time, he also expresses the view that economic prosperity will increase as new jobs and emerging companies are created one after another.

3. "Three Elements" Common to Excellent Founders

3-1. Powerful "Open-Mindedness" and "Disagreeableness"

In the interview, what Lazarte repeats in particular are the characteristics seen in excellent founders. Among them, the following elements are noteworthy.

Usually, open-minded people tend to avoid conflict and give the impression of being "reasonable people." On the other hand, disagreeable people are difficult to conform to those around them and, at first glance, create conflict. He says that the talent he recognizes as the "best founder" is one who possesses both of these qualities, which are difficult to balance, at a high level.

3-2. Abnormal Immersion in a Specialized Field

As another characteristic, Lazarte says, "It is good to ask what they do in their free time."
For example, some founders enjoy studying technology or their industry intensely, and continue to make prototypes and conduct research even in "play" areas that are not directly linked to revenue. If they find an interest or a question, they dig deep and learn it thoroughly—in other words, "work is completely integrated with their hobbies."
He says that this "abnormal level of immersion" is likely to lead to great success, and that when making investment decisions, he also places importance on "how much the founder can get absorbed in their private life."

4. Investment Approach at Benchmark GP

4-1. From "Governance" to "Supporting Founders"

Benchmark is traditionally known for being "a small, elite team deeply involved with companies," prioritizing "maximizing founder ambition" over "governance (risk management)."
According to Lazarte, "In an era where capital is abundant, the role of an investor is to 'maximize value' rather than 'prevent value destruction.'" They maintain a stance of being a "thought partner" to help founders expand their ideas and accelerate decision-making.

4-2. Commitment to Early Stages and Flexibility with "Mega Rounds"

Benchmark has a strong image of focusing on smaller rounds or "Series A." However, in the recent AI field, there are cases that require $50 million in funding despite being in the early stages of founding.
Lazarte himself revealed that he wrote a $55 million check for his first investment, emphasizing that "fund size is just a guideline; the essence is where you can build a close partnership with the founder." He indicates a policy of responding flexibly if a company can grow early and dramatically, even if the funding amount is large.

5. Future Outlook: Perspectives Required in the AI Era

5-1. Coexistence with AI Companions

Lazarte predicts that in the future, "the 'AI app' we look at first when we wake up in the morning will become a presence that helps with every daily decision." Specifically, he suggests that AI might propose "what to do," and humans might accept it "almost unconditionally."
While saying "technology dominates humans" sounds dystopian, he takes a positive view, stating, "In reality, it is highly likely that more people will be freed from busyness and loneliness, and move closer to happiness."

5-2. Impact on Democracy

On the other hand, there are concerns that rapid efficiency gains from AI could lead to "inequality issues" and "political turmoil."
However, Lazarte says, "With the democratization of AI, voters will be able to access extremely accurate information instantly," and as a result, new populism and movements for wealth redistribution may strengthen.
He also mentions that China's presence might become a "unifying external pressure" that mitigates internal conflict in the U.S., predicting that international AI competition will accelerate changes in politics and the economy.

5-3. The Birth of Trillion-Dollar Companies and Investment Opportunities

"Within the next three years, an AI company founded by someone will surpass a market capitalization of $1 trillion (approximately 130 trillion yen)."—Lazarte states this clearly.
Because the opportunity for such super-giant companies to be born has arrived, some say that even if AI-related rounds have high valuations, "the returns will be large if you buy the winners in bulk as a result."
However, since there are many "businesses whose value decreases as models evolve," investors are required to have the discernment to identify companies with "strong defensibility."

Synthesizing Victor Lazarte's entrepreneurial experience and investment stance, the following points emerge.

1. Ability to read timing
   Rather than jumping to the cutting edge of a boom, capture already rapidly growing markets from a "present" perspective.

2. Founder qualities
   Open-minded x disagreeable, andobsessive immersionbecome the true differentiating factors.

3. Disruptive impact of AI
   Good or bad, much intellectual labor is highly likely to be "replaced." That is where the greatest investment opportunity exists.

4. Agile investment approach
   A "small, elite model that deeply supports founders," like Benchmark GP, demonstrates strength even in the AI era where mega-rounds are rampant.

5. Insight into social change
   While there are concerns about widening inequality and political volatility, there is also a high possibility that individual lives will be enriched by AI companions and the like.

While Lazarte states that "more people will gain wealth through technological progress, and companies will become even more powerful," he suggests that "how to redefine the rules of society" is a major challenge. However, by co-founding an AI company himself and being deeply involved in multiple AI startups, he is trying to steer the wave of disruptive innovation in a positive direction.
Emphasizing that a future where AI supports daily decision-making and connects people is "also a chance to get closer to happiness" is Lazarte's positive vision. We must prepare for this new era and keep a close eye on the movements of the "present" without losing our intellectual curiosity.

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