Uploaded June 2026 | Updated September 2026, 2 weeks ago

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AI may change software overnight, but company building still takes time.

Ryan Smith explains why, despite the pace of AI, “the race is going to be way longer than anyone thinks.”

He reflects on Qualtrics surviving multiple market cycles and ultimately being acquired by SAP for $8 billion days before going public.

Guest: Ryan Smith, co-founder Qualtrics

Connect with Ryan Smith
X: https://x.com/RyanQualtrics
LinkedIn: linkedin.com/in/ryan-smith-3417901

Connect with Joubin:
X: https://x.com/Joubinmir
LinkedIn: linkedin.com/in/joubin-mirzadegan-66186854
Email: grit@kleinerperkins.com

Follow on LinkedIn:
linkedin.com/company/kpgrit

Follow on X:
https://x.com/KPGrit

​Learn more about Kleiner Perkins: kleinerperkins.com

(00:00) Trailer
(00:46) Introduction
(01:10) AI productivity gains and enterprise reality checks
(10:18) Why legacy tech companies shouldn't be underestimated
(22:33) 13 years to the first million-dollar deal
(36:16) “We’re doing a deal”
(55:52) Going public then spinning out
(01:00:48) Energy as the prerequisite for the long journey
(01:11:34) Wrap-up