Ben Horowitz

And so what that meant is that there was going to be no industry, no company,

that wasn't going to be better if there was a great software team at its core.

And, you know, that's even evolving now into AI.

And so basically every interesting company that gets started is a technology company now.

And so there are many, many more interesting companies.

And so in order to reach it, you had to be able to scale your organization.

Now, here's the problem.

If you were one of those venture capital firms that started all those years ago, you were likely set up, as I said, as a partnership with shared economics and shared control.

If you have shared control, it's very hard to reorganize.

Because, and you know this, David, as a CEO, to reorganize, you need a single decision maker.

There is no way to reorganize if everybody gets a vote.

It's going to be bad.

I could write a whole book on just reorgs.

But reorgs are essentially redistributions of power.

When you redistribute power, people are mad.

If they get a vote, they're going to foul that reorganization.

And you can't scale without reorging, so as a result, like, we've been able to scale because we have centralized control, but

you know, most of our kind of competitors have not been able to scale like a very few have.

And so I think what we have now is large firms who can cover all the technological areas and then specialized firms that are, okay, I'm a specialist in AI infrastructure, I'm a specialist in bio, or I'm a specialist in crypto, or I'm a specialist in games, but I'm not doing all of that.

And, uh,