What does it take to build a venture firm from scratch—and scale it across multiple waves of technological and cultural change?

In this special episode recorded at the a16z LP Summit, Marc Andreessen joins Erik Torenberg for a conversation on the origins and evolution of Andreessen Horowitz. From raising Fund I during the depths of the 2008 financial crisis to shaping the firm’s multistage, multi-sector strategy, Marc reflects on how the firm was built—and rebuilt—as the tech landscape shifted.

They discuss the rise of “Little Tech,” why policy now matters to startups, how scale became a strategic advantage in venture capital, and why the move from generalists to vertical specialists was inevitable.

Along the way, Marc shares behind-the-scenes stories on Facebook’s near-sale to Yahoo, the evolution of founder archetypes, the global talent arbitrage, and what too many people still misunderstand about tech’s role in society.