Bill Gurley

So SpaceX and Tesla are data points, but they're outliers, really, and they're both attached to Elon.

So I think we'll have to see four or five of those from non-Elons to know if it's possible.

What I've learned and heard and studied about his execution prowess and his speed that he develops inside of these companies, I don't know that others can handle that or are capable of it.

It'd be great for the world if they are and they are successful.

And by the way, we've seen waves of capital availability lead to more interest in businesses that are less capital efficient.

There's a correlation there.

So the other thing to watch is if that got tighter, would the appetite still be there?

Many of those businesses involve regulation and mining gets better if we're not allowed to use China.

And so I hate that part of this world.

But I gave a speech on regulatory capture a few years ago, and no one from Silicon Valley was in Washington at the time.

And now they're all there, Hill and Valley, everything else.

So that's another element.

Maybe it should have been on my reality world.

Unquestionably, that's true from a regulatory standpoint.

So I think it had historically been very difficult for companies to break through in these industries solely because of regulation.

And prior to Tesla, there was like seven motors.

There were other attempts.

at building cars and none of them worked.

And I think a lot of them got stuck along the way from a regulatory standpoint more than anything.

So Andrew being cleared by the DOD and actively selling into our military is certainly a new data point and a very impressive one for a startup to have achieved that, no doubt.