Dec. 17, 2025

The One Question Every Founder Gets Wrong About Their Market

Show Notes

In this episode of The Tech Leader's Playbook, Avetis Antaplyan sits down with Vijay Rajendran, investor and venture builder at gAI Ventures, UC Berkeley instructor, and author of the bestselling book The Funding Framework. Vijay brings a deeply grounded perspective on how the next generation of AI companies will actually be built, not through hype or speed alone, but through domain expertise, thoughtful leadership, and disciplined execution.

The conversation explores why domain experts now have a growing advantage over pure technologists, how venture studios are evolving in an AI-first world, and what truly separates fundable AI startups from products that will be replaced by the next model release. Vijay shares insights from working with hundreds of founders, including why verticalized AI, workflow integration, and right-sized markets matter more than ever.

They also dive into leadership transitions founders must make, common early-stage execution mistakes, and why fundraising is far more about listening than pitching. Drawing from his own journey as a founder and investor, Vijay emphasizes customer empathy, coachability, and falling in love with the problem rather than the solution. This episode is a must-listen for founders, operators, and tech leaders building durable companies in the age of AI.

Takeaways

Founders are often poor predictors of which startups will succeed, even within their own cohorts.
Exceptional companies start with a “secret” insight about how an industry truly works.
Domain expertise is becoming more valuable than pure technical skill as AI commoditizes development.
The strongest AI startups are verticalized and embedded directly into existing workflows.
Markets should be big enough to matter, but small enough that Big Tech won’t prioritize them.
AI creates leverage by removing tedious work and amplifying human judgment and relationships.
“Rip and replace” products face long sales cycles; bolt-on tools win faster adoption.
Early traction can be misleading. Durable demand matters more than initial excitement.
Founders must shift from doing everything to enabling others as the company grows.
Fundraising success comes from dialogue and listening, not perfect pitch decks.
Coachability and customer empathy are long-term founder advantages.
The best founders fall in love with the problem, not their first solution.

Chapters

00:00 The Future of AI Startups

02:00 What Predicts Founder Success

04:30 Domain Experts vs. Technologists

07:00 Where AI Is Creating Real Value

10:30 Using AI to Free Humans

13:00 What Makes an AI Idea Defensible

17:00 How Modern Venture Studios Operate

22:00 Choosing the Right Technical Partner

27:30 Founder Mindset Shifts

29:30 Common Early-Stage Mistakes

33:00 Rethinking Fundraising