Where will the next breakout startup come from? Benchmark’s full partnership weighs in at TechCrunch Disrupt 2026

Benchmark is sharing its updated investment theses for identifying breakout startups, which may alter how founders approach pitching and how investors evaluate opportunities.

At TechCrunch Disrupt 2026, Benchmark's five general partners will convene for a main stage session titled "What We Believe Now." The discussion will focus on the future of venture capital and startup creation, exploring where the next generation of successful companies will emerge, which founder assumptions need reevaluation, and overlooked opportunities. This session is particularly relevant as Benchmark has recently raised approximately $2 billion across a flagship fund and its first growth fund, marking a significant shift in its investment strategy. The conversation will delve into the current venture landscape, heavily influenced by AI, which captured 61% of global VC investment in 2025. The partners will share their diverse perspectives, shaped by backgrounds in founding companies, enterprise software, frontier technology, and navigating IPOs and acquisitions, to discuss how they identify and invest in promising ventures, even those that defy initial expectations.

The venture market's heavy AI focus, with AI companies securing 61% of global VC investment in 2025, has led to concentrated funding in large deals, potentially overlooking smaller, innovative startups. Benchmark's partners will discuss whether the application layer for AI is saturated or if new opportunities exist in models, infrastructure, data, or distribution. This session is crucial for founders and investors to understand how to identify defensible strategies and avoid chasing the same popular themes, potentially revealing overlooked areas for innovation and investment.

Benchmark's internal shift, marked by raising a new growth fund alongside its flagship fund, signifies an adaptation to the evolving market dynamics. The discussion will highlight how their diverse partnership, including members with founder, enterprise software, and frontier tech backgrounds, approaches conviction in a rapidly changing environment. This offers a rare insight into the decision-making process of a major VC firm, providing founders with a framework to interrogate their own assumptions and investors with a new perspective on market trends and conviction building.