Anish Acharya

Here's what I think.

I think we tend to consistently underestimate how big the markets are and consistently overestimate how easy it is to go from zero to one.

I think when you squint, you can take something that's not working and say, I can see how it will work.

And that is why, in my mind, seed investing is its own sort of art.

I focus very much on the Series A because I believe that having shipped something and having sold something is such a dramatic signal.

To me, that is actually the optimal point in terms of information provided slash entry ownership and price, whereas at the seed, it could be anything.

Very, very difficult to get something working.

Once you do get something working, I believe these companies tend to be even greater and greater versions of themselves for a long time to come.

And then I think the mistake that many venture capitalists have made is just not estimating the market to be as big as it is.

Deal and 11, I'm sorry.

What's your next pass, please?

Granola, pre-seed.

I look forward to your downtrend.

You should do.

Yeah, 100%.

It's such a good question about which market did we underestimate.

I mean, I've made this mistake a couple of times.

For example, I remember when we were acquired by Google, and I remember looking at the stock price and telling my co-founder, well, maybe this can go up 10 or 15 or 20 or 30%.

How much bigger can it possibly get?

So if you look at a company like that, which was so capable but seemed dominant in their core market, it was very hard to squint and see what they would become, and they're so much more valuable than they once were.