Alex Rampell

It's like Facebook, if you look at that round, I think Greylock put $25 million into Facebook.

Actually, I think the round was maybe $25 million at $500.

I think that was the B round for Facebook, split between Meritech and Greylock.

But that was absolutely working, right?

So it's like, are they getting 10%?

No.

Are they getting 5%?

No.

Like-

But it's like the market winner and things can go wrong.

But like, holy shit, it's absolutely working.

And I don't see that many things that look like that.

But when you do, you throw away all the rules or it's like this is not working.

But this person looks like a super genius.

They have high agency.

They can get they can materialize labor capital and customers, but it's not working yet.

Right.

So I have to have high ownership in order to take to correspond with that level of risk.

Those are the two types of deals to do.

The danger is you could say, oh, well, this has a million dollars of ARR, and they're ahead of the number two player that has 900K of ARR.