VC Jason Green on Tech Backlash, B2B Opportunities, and Zoom’s Unlikely Rise
Jason Green, co-founder and partner at Emergence Capital, has established himself as a leading voice in enterprise startup investing. With notable investments in Zoom, Yammer, Box, and Salesforce, Green offers unique insights into the evolving tech landscape—where B2B solutions increasingly intersect with consumer adoption.
The New Normal for Investors and Founders
The COVID-19 pandemic reshaped business operations, accelerating digital transformation and remote collaboration. For investors like Green, this shift presented both challenges and unexpected opportunities—particularly in deal sourcing and due diligence.
Virtual Due Diligence: A Surprising Advantage
- Efficiency Gains: Remote meetings enabled breakout sessions with management teams and easy recording for absent stakeholders
- Extended Timelines: Initial processes took 50% longer but are now becoming more streamlined
- Geographic Flexibility: Physical location matters less in a world of virtual interactions
“We’ve learned we can do things remotely that we didn’t think were possible,” Green notes. “There’s a new dynamism to these virtual meetings.”
Breaking Geographic Barriers in Startup Investing
Emergence traditionally favored Bay Area startups for hands-on collaboration but now sees opportunity everywhere:
- Historical Distribution: 1⁄3 of investments were already outside the Bay Area
- Talent Strategy Shift: Companies now recruit globally rather than being location-constrained
- Power Rebalance: Virtual meetings create more equal footing between investors and founders
“Technology is enabling more diversity and access than ever before,” Green observes.
Zoom: From Enterprise Tool to Household Verb
Green reflects on Zoom’s unprecedented growth and what it means for enterprise software:
- Market Validation: Proves enterprise SaaS can achieve mass consumer adoption
- Responsibility Shift: Platform now serves education, socializing, and business needs
- Long-Term Commitment: Emergence maintains active involvement post-IPO (as with Veeva and Salesforce)
“When you become a verb, you know you’ve made it,” Green remarks. “Zoom has blown up our expectations of what enterprise software can achieve.”
The Enduring Potential of Enterprise SaaS
Despite market saturation concerns, Green sees continued growth:
- Cloud Adoption: Still in early innings with acceleration during downturns
- Niche Opportunities: Specialized solutions (like SalesLoft) can become billion-dollar businesses
- Historical Precedent: Salesforce grew from \(1B to \)170B market cap since 2004 IPO
“We’re 15 years into this trend and still seeing more opportunity, not less,” Green states.
Evolving Investment Strategies
Emergence has shifted from relationship-driven to thesis-based investing:
- Proactive Approach: Data-driven identification of promising sectors
- Focus Areas: Enterprise cloud with emphasis on product-market fit
- Value Add: Specialization in scaling go-to-market strategies
“You have to focus when there’s too much information and too many companies,” Green explains.
Diversity and Inclusion: A Personal and Professional Journey
The George Floyd protests prompted reflection and action:
- Mindset Shift: From “nonracist” to actively anti-racist
- Internal Changes: More meetings with diverse entrepreneurs and candidates
- Portfolio Engagement: Sharing best practices across companies
“We should have started this work sooner,” Green admits. “But we’re committed to making real progress.”
The Blurring Line Between B2B and Consumer
Zoom’s evolution raises questions about enterprise software boundaries:
- Core Focus Remains: Business communication is still Zoom’s foundation
- Product-Led Growth: Consumer-friendly features drive enterprise adoption
- Historical Precedents: Box successfully transitioned from consumer to B2B
“We love companies that build consumer-like products but solve business problems,” Green says. “That’s where Emergence adds the most value.”
This article is based on an interview from TechCrunch’s Extra Crunch Live series, lightly edited for clarity and length.
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