Bill Gurley

I think you end up with too many participants in a single field where you would have had whittling earlier.

So that makes market expansion more difficult because there's three to five survivors instead of one or two.

When you overfund, you do everything.

There's tons of great articles and research about constraints lead to creativity and you're better off

choosing one or two primary product initiatives.

But when you have that much money, you do seven.

You do them all.

You do them all.

And I think we had a mini correction in 2022, 23.

This was before AI blew up.

And most of them ran towards breakeven to your exact point.

So when you run to break even, you stop doing those seven things.

You go down to the two things.

But those seven things and overfunding your sales force, they led to revenue.

It's not very sustainable revenue.

So when you cut it back and go towards break even, your growth rate gets hit.

It would just be natural.

So, yeah, that's what I think led to low growth.

I do think what you said is true.

Many of them had enough capital to get towards break even or near it.