Verticals: A Weekly Biz Show

A VC and a Founder intellectually spar on Vertical Tech & AI: covering the latest news, unpacking in-depth business strategies, and interviewing world-class leaders in the space, every Thursday.

Verticals: A Weekly Biz Show is a business podcast hosted by Luke Sophinos, with 40 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Luke Sophinos hosts Verticals: A Weekly Biz Show, a business show with 40 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Verticals: A Weekly Biz Show

  Why Venture Capital Feels BROKEN In 2026 | Rick Zullo

  Aug 5, 202649 min

  AI isn't just changing startups. It's exposing everything that's broken about venture capital. In this episode of Verticals, Nic sits down with Rick Zullo, Founder and Managing Partner of Equal Ventures, to discuss why today's venture market feels increasingly disconnected from the businesses it's funding, and why some of the biggest trends in AI investing may be driven as much by incentives as by opportunity. Rick argues that many AI-native services companies are being valued using the wrong metrics, that physical AI has become the latest destination for excess venture capital, and that some of the best software businesses of the last decade (including companies like Veeva) might struggle to get funded in today's environment. They discuss: -Why venture capital incentives have changed -The hidden flaws in AI-native services businesses -Whether physical AI is the next great opportunity or the next bubble -How to identify durable moats in the AI era -And so much more 00:00 Why something feels broken in venture capital 05:17 The hidden problem with AI-native services 10:01 Why competition kills AI margins 15:19 Is physical AI the next gold rush? 21:10 Which AI businesses actually build lasting moats? 28:03 Why robotics and autonomy are different bets 35:39 The return of capital-efficient startups 40:21 Why today's biggest VC funds play a different game 44:53 How Rick evaluates billion-dollar opportunities 46:58 The vertical AI markets Rick is most excited about ️ TICKETS DROPPED. Vertical Software Summit — 5-billion-dollar Vertical AI CEOs confirmed to speak. Snag a ticket before they're gone: https://verticalsaasgroup.com/conference FOLLOW RICK ZULLO LINKEDIN ➡️ https://www.linkedin.com/in/rickzullo/ X ➡️ https://x.com/Rick_Zullo FOLLOW LUKE SOPHINOS X ➡️ https://x.com/lukesophinos LINKEDIN ➡️ https://www.linkedin.com/in/lukesophinos/ NEWSLETTER ➡️ https://www.newsletter.lukesophinos.com/ FOLLOW NIC POULOS X ➡️ https://x.com/picnoulos LINKEDIN ➡️ https://www.linkedin.com/in/npoulos/ NEWSLETTER ➡️ https://insights.euclid.vc/ TIMESTAMPS: 00:00 Why something feels broken in venture capital 05:17 The hidden problem with AI-native services 10:01 Why competition kills AI margins 15:19 Is physical AI the next gold rush? 21:10 Which AI businesses actually build lasting moats? 28:03 Why robotics and autonomy are different bets 35:39 The return of capital-efficient startups 40:21 Why today's biggest VC funds play a different game 44:53 How Rick evaluates billion-dollar opportunities 46:58 The vertical AI markets Rick is most excited about TOPICS 1. Venture Capital 2. Startup Fundraising 3. AI Startups 4. Startup Strategy 5. Vertical SaaS

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  Verticals: A Weekly Biz Show

  Why Everyone Is Building Their Own Software | Alex Oppenheimer

  Jul 29, 202637 min

  AI is making it easier than ever to build software. So why are the best founders spending even more time thinking about what NOT to build? In this episode of Verticals, Nic sits down with Alex Oppenheimer, founder of Verissimo Ventures and former investor at NEA and Morgan Stanley, to discuss how AI is reshaping software, venture investing, and even decision-making for founders. From barbers rebuilding booking systems in ChatGPT to founders replacing SaaS subscriptions with their own tools, Alex argues that AI is lowering the cost of creation, but not the difficulty of building products people actually want. The conversation explores why vertical markets continue to surprise investors, how founders should think about build versus buy, and why surviving long enough to iterate may be the single most important job of an early-stage startup. They discuss: -Why AI is changing the build vs. buy equation -Why software isn't dead despite AI -The biggest mistake early-stage founders make -Why VCs continue to underestimate vertical markets How AI is expanding (not shrinking) software opportunities -And so much more If you're building an AI startup, investing in software, or trying to understand what skills still matter as AI becomes ubiquitous, this episode offers a thoughtful framework for navigating one of the biggest technology shifts in decades. ️ TICKETS DROPPED. Vertical Software Summit — 5-billion-dollar Vertical AI CEOs confirmed to speak. Snag a ticket before they're gone: https://verticalsaasgroup.com/conference FOLLOW ALEX OPPENHEIMER LINKEDIN ➡️ https://www.linkedin.com/in/alex-oppenheimer X ➡️ https://x.com/Alexoppenheimer FOLLOW LUKE SOPHINOS X ➡️ https://x.com/lukesophinos LINKEDIN ➡️ https://www.linkedin.com/in/lukesophinos/ NEWSLETTER ➡️ https://www.newsletter.lukesophinos.com/ FOLLOW NIC POULOS X ➡️ https://x.com/picnoulos LINKEDIN ➡️ https://www.linkedin.com/in/npoulos/ NEWSLETTER ➡️ https://insights.euclid.vc/ TIMESTAMPS: 00:00 Is AI making judgment obsolete? 05:38 Why VCs still underestimate vertical markets 10:14 The new build vs. buy equation 16:00 Why software isn't dead 20:34 Where venture returns come from now 26:14 Why fund size changes everything in VC 30:03 The IPO problem and venture liquidity 33:55 Why fundraising has become so polarized 36:25 What founders should focus on next

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  Verticals: A Weekly Biz Show

  How Open Source Is Changing the Game for Vertical AI | Jake Saper

  Jul 22, 202651 min

  For the last two years, AI has been a race to build the best model.But what happens when the models become cheap, open source, and nearly interchangeable?That's the question reshaping the entire AI industry.In this episode of Verticals, Luke and Nic sit down with Jake Saper, General Partner at Emergence Capital and one of the earliest investors in companies like Zoom, Veeva, Ironclad, and Together AI, to discuss where value actually accrues as AI infrastructure becomes increasingly commoditized.Jake explains why open-source models are rapidly closing the gap with frontier labs, why companies are diversifying across multiple models instead of relying on a single provider, and why the next generation of AI winners may own proprietary workflows, evaluation data, and customer outcomes, not the underlying model itself.They discuss:-Why the model is no longer the moat-How open-source AI is changing enterprise software-Why token costs are collapsing faster than expected-The rise of AI-native services-And so much moreIf you're building AI products, investing in the next generation of software, or trying to understand where durable value will be created as AI matures, this conversation is a roadmap for what comes next. Read Emergence's Definitive Guide to AI-Native Services:https://www.emcap.com/ai-native-services️ TICKETS DROPPED. Vertical Software Summit — 5-billion-dollar Vertical AI CEOs confirmed to speak. Snag a ticket before they're gone: https://verticalsaasgroup.com/conference FOLLOW JAKE SAPERLINKEDIN ➡️ https://www.linkedin.com/in/jakesaperX ➡️ https://x.com/jakesaper FOLLOW LUKE SOPHINOSX ➡️ https://x.com/lukesophinosLINKEDIN ➡️ https://www.linkedin.com/in/lukesophinos/NEWSLETTER ➡️ https://www.newsletter.lukesophinos.com/ FOLLOW NIC POULOSX ➡️ https://x.com/picnoulosLINKEDIN ➡️ https://www.linkedin.com/in/npoulos/NEWSLETTER ➡️ https://insights.euclid.vc/ TIMESTAMPS:00:00 Why the AI moat is changing05:40 Open source catches up to frontier models10:58 Why enterprises are embracing open source AI16:20 Can OpenAI win the application layer?24:01 Why services are becoming software31:28 The race to build proprietary AI data moats36:38 What AI-native services get right40:36 Why brand still matters in AI45:49 The AI founder playbook for the next decade48:37 The biggest AI opportunities still aheadTOPICS1. Open Source AI & Foundation Models2. AI Native Services & Enterprise AI3. Vertical AI & AI Moats4. AI Infrastructure, Fine-Tuning & Proprietary Data5. The Future of SaaS & AI Business Models

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  Verticals: A Weekly Biz Show

  Why Compliance Is Becoming AI's Biggest Opportunity | Zach Rosen

  Jul 15, 202642 min

  Compliance isn't usually where great software companies start. It's often dismissed as a feature. A checkbox. Something incumbents can easily add later. But in the AI era, that assumption is starting to break. In this episode of Verticals, Nic sits sdown with Zach Rosen, Co-Founder and CEO of Brellium, to explain why compliance can become one of the strongest wedges in vertical AI, if you're solving problems where the rules are constantly evolving and enforcement is anything but straightforward. Brellium audits every patient visit before it's billed, helping healthcare providers stay compliant with payer requirements, improve clinical documentation, and avoid costly clawbacks. Today, the platform serves providers across all 50 states, but Zach argues the real value isn't just catching mistakes, it's changing provider behavior over time through continuous feedback and training. They discuss: -Why compliance is becoming a powerful AI wedge -How Brellium built a defensible network effect from real-world enforcement data -Why training users may be more valuable than simply catching mistakes -The two paths every vertical AI company can take to beat incumbents If you're building in vertical AI, healthcare, or any regulated industry, this episode is a practical framework for identifying durable wedges, building defensible products, and creating moats that go far beyond the model. 🎟️ TICKETS DROPPED. Vertical Software Summit — 5-billion-dollar Vertical AI CEOs confirmed to speak. Snag a ticket before they're gone: https://verticalsaasgroup.com/conference 👉 FOLLOW ZACH ROSEN LINKEDIN ➡️ https://www.linkedin.com/in/zach-rosen 👉 FOLLOW LUKE SOPHINOS X ➡️ https://x.com/lukesophinos LINKEDIN ➡️ https://www.linkedin.com/in/lukesophinos/ NEWSLETTER ➡️ https://www.newsletter.lukesophinos.com/ 👉 FOLLOW NIC POULOS X ➡️ https://x.com/picnoulos LINKEDIN ➡️ https://www.linkedin.com/in/npoulos/ NEWSLETTER ➡️ https://insights.euclid.vc/ 🎬 TIMESTAMPS: 00:00 Why compliance is having an AI moment 05:15 What healthcare compliance actually looks like 10:53 Why Brellium is really a training platform 14:23 Building alongside healthcare systems of record 18:16 Selling to providers before payers 23:29 Can compliance become a real AI moat? 27:29 The two playbooks for winning in vertical AI 30:36 Why AI makes wedge products easier to build 33:25 The biggest mistake first-time founders make 36:24 Why outcome-based pricing doesn't always work 38:12 Bullish or bearish on healthcare AI? 40:43 The next massive AI opportunity founders are missing TOPICS 1. Healthcare AI & AI Compliance 2. Vertical AI & Vertical SaaS 3. AI in Regulated Industries 4. Healthcare Revenue Cycle & Medical Documentation 5. AI Startups, Systems of Record & AI Moats

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  Verticals: A Weekly Biz Show

  The AI Gold Rush Is Chasing the Wrong Thing... | Adam Harris

  Jul 8, 202656 min

  Every AI startup wants to disrupt the incumbents. But what if the companies with the biggest advantage are the ones that already own the data? In this episode of Verticals, Luke and Nic sit down with Adam Harris, Co-Founder and CEO of Cloudbeds, a hospitality platform operating in 157 countries that processes more than $20 billion in transactions. After nearly 14 years building one of the industry's largest systems of record, Adam explains why AI alone isn't enough, and why proprietary data, workflow context, and trust are becoming the real competitive advantages. Rather than seeing AI as a threat to incumbents, Adam believes companies with deep operational data are in the strongest position to win. The real challenge isn't building another chatbot; it's turning AI into a reliable system of action that customers can trust. They discuss: -Why the "SaaS is dead" narrative misses the bigger picture -Why proprietary data is becoming AI's biggest moat -Whether incumbents or AI startups are better positioned to win -The rise of AI agents If you're building AI products, investing in vertical software, or wondering where long-term value will accrue in the AI stack, this conversation offers a practical framework for thinking beyond the hype. 🎟️ TICKETS DROPPED. Vertical Software Summit — 5-billion-dollar Vertical AI CEOs confirmed to speak. Snag a ticket before they're gone: https://verticalsaasgroup.com/conference 👉 FOLLOW ADAM HARRIS LINKEDIN ➡️ https://www.linkedin.com/in/adambharris 👉 FOLLOW LUKE SOPHINOS X ➡️ https://x.com/lukesophinos LINKEDIN ➡️ https://www.linkedin.com/in/lukesophinos/ NEWSLETTER ➡️ https://www.newsletter.lukesophinos.com/ 👉 FOLLOW NIC POULOS X ➡️ https://x.com/picnoulos LINKEDIN ➡️ https://www.linkedin.com/in/npoulos/ NEWSLETTER ➡️ https://insights.euclid.vc/ 🎬 TIMESTAMPS: 00:00 Intro 01:00 The real opportunity behind AI 09:12 From systems of record to systems of action 15:19 Why proprietary data is AI's biggest moat 20:35 Should every software company build its own AI model? 26:32 Why seat-based SaaS pricing is breaking down 30:05 The future of AI pricing and outcome-based software 35:02 How Cloudbeds approaches AI adoption internally 40:51 Why customer behavior changes slower than technology 44:24 The AI gold rush and protecting your data moat 49:44 Why many AI startups underestimate enterprise software 52:20 AI, hotel bookings, and the future of hospitality TOPICS 1. Vertical AI 2. AI Agents 3. Enterprise AI 4. AI Pricing Models 5. Future of SaaS

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