Aaron Fulkerson

I think it was 2006.

So fast forward 10 years.

When MindTouch is listed in the Hot 100, the average investment in companies at that time was $380 million.

That's crazy.

Why this matters to people who are interested in software entrepreneurship is,

Think about a company that's raised $100 million, okay?

And at the scale that we're at, most companies have raised more than $100 million.

But let's just take 100, let's say a company's had $100 million in investment.

Now, in order for those incentive stock options that all of the staff are being awarded to be worth anything.

So their valuation will be at $400 million.

OK, so on one hundred million dollars invested, that company pre money valuation is four hundred million dollars.

Right.

So multiply that by three at a minimum.

So in order for a company to see like as an employee of a company that's raised one hundred million dollars in capital for me to see a dime for my incentive stock options, that company has to exit at one point two billion dollars.

And at the time we were growing at 70, about 70, 80% ARR and track it forward.

Right now it's going into 2018.

Yeah.

Yeah.

I don't think about it.

I mean, the thing that I do know is that our, speaking about lifetime customer value, our renewal rates are 96% and we have negative churn.