Bill Gurley

And it goes back to what we were saying with stories and all this stuff about people.

Like they're going to pull the trigger because they have an emotional positive bias to go do this thing.

And that taps in.

It's about Chris for sure.

But they also need to kind of love the category and love the idea and want to spend 10 years working on the problem, like all those things.

They have to flip from zero to one in their own head, in this human's head.

Unquestionably.

That's why there's like these mid-market PE people.

They go do those things.

I would never be motivated by it, but I'm not necessarily shitting on them too bad.

You can make money.

There are things to be done.

But I also would say, and I think this is important,

There are businesses that shouldn't take venture capital and a series A typically leads to a B and typically leads to a C. And the ownership that a founder has can shrink pretty dramatically.

And then the exit value, the exit value you need to make the same amount of money had you sold it 100% on sweat equity is now ten times higher.

And just make sure you think through all that somehow.

through the use of these 19 credit cards and everything.

A hundred percent of his.

But I would say even if you're going to sell for 20 million, there are far more companies that want to do a tuck in $20 million acquisition than want to do a half a billion acquisition.

Plus, if you're a large public company, you can do a $20 million acquisition without filing anything, without telling anybody.