Amit Avner

And you go and try to figure out, OK, what is the best thing to do for them?

Do you cut in half?

Do you keep it around a million dollars and offer them more data or more services?

That's why there's a lot of variance.

When you're doing something new, there's always trial and error until you figure out what's the best thing to do because you want it to be a win-win situation.

I think that's the biggest thing.

As long as you make sure everyone wins from that, then it's a good thing.

So I can tell you a story about Stakey from about three years ago.

We were operating until then as a media company.

So we weren't even selling our data.

We were just basically selling media and we would buy the media on the client's behalf and basically take a margin off whatever, like using our data.

We bought the media for cheap and sold it for higher than that and sent it to an arbitrage business.

And when you do that, you can make a ton of money.

There's a lot of very successful large companies making a ton of money, but then your multiple is 2x on the company because they're selling media.

Then you drop the media portion, just sell people the data.

Let's say you even, if you stay the same size, the company is all of a sudden worth five times more than it was worth before, which is the world of startups.

That's how things work.

And it's fair.

It's fair because I can see why a data company is easier to scale than a media company.

I can see why a SaaS business where you have subscriptions is a better public company than a non-recurring business.