Jerry Chen
General Partner
Greylock Partners
Check: $500K-$200M (sweet spot ~$25M)
Coined the 'Systems of Intelligence' framework in his landmark 2017 blog post 'The New Moats' — the idea that AI and data create competitive advantages by sitting between systems of record (databases) and systems of engagement (apps). The intelligence layer crosses multiple data sets and multiple systems of record to predict behavior, churn, LTV, or serve timely content. This layer is where value accrues and where startups build defensible moats through data network effects. Updated the thesis in 2023 with 'The New New Moats,' addressing how foundation models and LLMs change the equation: open-source LLMs shift value to apps and infrastructure around the models, but startups risk 'thin IP' if they're just wrappers around ChatGPT. Also developed the 'Unit of Value' framework — the smallest measurable unit at which your product delivers value — which determines how you price, scale, and sell. Believes good investors must be optimists, and VCs get in trouble when they move outside their 'strike zone.'
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