Ben Horowitz discusses how a16z has restructured into specialized, independent teams to better serve emerging tech sectors like AI and crypto, emphasizing data-driven entry and long-term market alignment. He distinguishes today’s AI revolution from past bubbles, pointing to widespread adoption and tangible infrastructure as signs of durability. Regulatory missteps, such as Norway’s tax on unrealized gains, are highlighted as cautionary tales that risk driving innovation abroad—mirroring historical overreactions to transformative technologies like electricity. Horowitz stresses that founders today must not only build resilient companies but also master new media landscapes, which demand authentic, continuous public engagement. Throughout, he underscores the enduring difficulty of entrepreneurship, regardless of scale, and the importance of long-term thinking in both firm partnerships and policy design.