Mike Mignano

20VC: Why Now is the Time for the Application Layer | Why OpenAI & Anthropic Won't Win the App Layer | Why Startups Should be TokenMaxxing | Why VCs Should Reduce Weighting on Price & Ownership in an Age of AI with Mike Mignano, USV

Mike Mignano argues AI is shifting from infrastructure buildout to the application layer, where startups should maximize token spend, build tightly coupled “harnesses,” and win through focus, context, and speed. He also makes a broader venture case for thesis-driven investing, smaller fund math, and backing energy infrastructure, while warning that model providers won’t automatically capture every application market.