This Week in 20VC (20 Minute VC) (Mar 23 - Mar 29, 2026)

This week, 20VC examined the shifting landscape of venture capital and deep tech, from the defense sector's consolidation around players like Anduril to the structural pressures reshaping early-stage investing. The episodes revealed a tension between traditional venture models—which may be fundamentally broken—and the capital requirements now demanded by AI-driven startups, where growth rates and unit economics have become secondary to scale. Across conversations with Matthew Steckman and Gili Raanan, a common thread emerged: success in this cycle requires both ruthless capital efficiency and the willingness to abandon playbooks that worked in previous eras.