Lucas Swisser, co-head of growth investing at CO2, challenges a basic assumption about building enduring AI companies. It’s not just about who has the most compute power or the deepest pockets for salaries. In an era where AI engineers command astronomical paychecks, Lucas argues that something else entirely is the ultimate competitive advantage: culture and the talent it attracts.
AI Talent Is Your Only True Weapon
Forget the fear of widespread AI job loss for a moment. Instead, consider this: the best AI talent is now the most powerful weapon a company can possess. Swisser points out that while compute is a baseline, it's the people with truly great ideas who drive a company's ability to constantly reinvent itself, especially in a fast-moving field like AI. “The key input is obviously compute you have to have the compute but then outside of that it really is the talent,” Swisser says. He cites Anthropic as a prime example, famously losing only one of its 17 original employees. OpenAI also shows this power, attracting top talent back even after they’ve left. This ability to not only get but keep top minds is an incredible edge.
In a world saturated with venture capital and lucrative compensation packages, it's no longer enough to just pay top dollar. Engineers are making decisions based on factors beyond money. As Swisser puts it, “There's more to life than money.” This shift changes the game for founders. You cannot simply outbid everyone forever. You must create an environment that resonates deeply with the kind of talent you need.
Culture: The Ultimate, Untouchable Moat
David Weisburd cuts to the core of it: “If you're truly trying to build an enterprise that survives 100-20 years, there's really only one source of leverage and that is culture.” He says culture is the only thing that consistently leads to the right talent, and that talent is the only thing capable of navigating an organization through many different tech cycles. Think about it: a strong, mission-driven culture acts as a magnet and a glue, holding onto the people who will shepherd your company through inevitable shifts. Without it, you are simply a mercenary outfit, vulnerable to the next highest bidder.
But there isn't one universal “good” culture. Swisser emphasizes that culture must be tailored to a company’s specific domain. “Would you want the same culture in LVMH as KO? Probably not. Being a great fashion house is very different from being an investment firm is very different from being a language model company.” Anthropic's research-focused, mission-driven culture works for them because it fits their identity. Trying to copy another company's culture without understanding your own domain and mission will only result in a fractured, ineffective team.
Leadership Sets the Tone (and the Culture)
This isn't a nebulous concept you hope appears. It’s built, intentionally, from the top. Swisser credits CO2’s co-founders, Philipe and Thomas, for their phenomenal work in driving reinvention within their own business. DataBricks is another example of a company that successfully navigated multiple tech waves, not by accident, but due to strong leadership. Leaders craft the values, reinforce the behaviors, and articulate the vision that makes an engineer choose a specific team over an equally, or even more, lucrative offer. Your ability to instill and live by a purpose-driven, adaptive culture will determine if your AI company just gets bought, or if it truly endures.