Episode 35: Where the Money Meets the AI Model | Feat. Dr. Salman Azhar
Sun Dec 14 2025
Join us in this episode with Salman Azhar as he unpacks how money really moves in the age of AI, from seed bets to the quiet mid-stage crunch. Discover what serious investors look for in AI startups, why problem-space matters more than buzzwords, and what corporate leaders can learn about capital allocation and incentives.
Download the episode transcript
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AI innovation doesn’t happen on code alone; it runs on capital. In this episode, Lukas Egger talks with Salman Azhar about what really happens “where the money meets the models.” They walk through the lifecycle of an AI company, from risky angel and seed checks to the Series A/B bottleneck and eventual exits. Salman explains why he prioritizes high-value problem spaces and defensible IP over flashy founders and AI-heavy pitches. Hear how AI is transforming venture work at the top of the funnel, while still falling short on trustworthy probabilities. The conversation zooms out to a liquidity crunch, IPOs “queued like planes after a storm,” and too much money chasing a few household AI names while real applications go underfunded.
For corporate innovators, Salman’s takeaway is clear: align incentives with upside, kill weak ideas early, and treat internal ventures more like startups where compensation and consequences track real value creation.
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Guest: Salman Azhar, Azimuth Opportunity Fund & Duke University
Dr. Salman Azhar has unique access in the venture world after investing in 250+ startups over 20+ years and generating a positive return with his first 12 exits. He specializes in buying pre-IPO unicorns’ shares from early investors.
Dr. Azhar is a General Partner of Azimuth Opportunity Fund and Executive in Residence at Duke University’s Fuqua School of Business. He is a Charter Life Member of OPEN Global and an advisor to several funds, including Quartus, Moment, and Regiment. His former business partners and clients include Toyota, Sony, SAP, and others.
Dr. Azhar earned his MS and PhD in Computer Science from Duke as a James B. Duke Fellow and a BS in Math and Physics from Wake Forest University as a Carswell Scholar.
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Our guest Salman Azhar: LinkedInSAP Signavio
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Join us in this episode with Salman Azhar as he unpacks how money really moves in the age of AI, from seed bets to the quiet mid-stage crunch. Discover what serious investors look for in AI startups, why problem-space matters more than buzzwords, and what corporate leaders can learn about capital allocation and incentives. Download the episode transcript ===== AI innovation doesn’t happen on code alone; it runs on capital. In this episode, Lukas Egger talks with Salman Azhar about what really happens “where the money meets the models.” They walk through the lifecycle of an AI company, from risky angel and seed checks to the Series A/B bottleneck and eventual exits. Salman explains why he prioritizes high-value problem spaces and defensible IP over flashy founders and AI-heavy pitches. Hear how AI is transforming venture work at the top of the funnel, while still falling short on trustworthy probabilities. The conversation zooms out to a liquidity crunch, IPOs “queued like planes after a storm,” and too much money chasing a few household AI names while real applications go underfunded. For corporate innovators, Salman’s takeaway is clear: align incentives with upside, kill weak ideas early, and treat internal ventures more like startups where compensation and consequences track real value creation. ===== Guest: Salman Azhar, Azimuth Opportunity Fund & Duke University Dr. Salman Azhar has unique access in the venture world after investing in 250+ startups over 20+ years and generating a positive return with his first 12 exits. He specializes in buying pre-IPO unicorns’ shares from early investors. Dr. Azhar is a General Partner of Azimuth Opportunity Fund and Executive in Residence at Duke University’s Fuqua School of Business. He is a Charter Life Member of OPEN Global and an advisor to several funds, including Quartus, Moment, and Regiment. His former business partners and clients include Toyota, Sony, SAP, and others. Dr. Azhar earned his MS and PhD in Computer Science from Duke as a James B. Duke Fellow and a BS in Math and Physics from Wake Forest University as a Carswell Scholar. If you want to learn more about: Our guest Salman Azhar: LinkedInSAP Signavio Email us your questions or comments: processtransformers@sap.com