Caroline Hyde

And certainly, Hill in the Valley Forum was a knockout event, sold out.

You couldn't get anywhere near the space if you hadn't really been building something legitimate in this space.

And so,

We're very excited, we're very encouraged by the amount of interest, but the contracts have to follow.

But these spaces are big, they're important, and we're convinced that there are a set of companies that are really gonna break out here.

Well, I think, first of all, we didn't turn our attention here.

We weren't a crypto investor or Web3 investor in 2020, 2021 when that was cool.

We have been dedicated our entire careers really to investing and operating in and around these spaces.

I joined Uber in 2011 when they had just had a Series A. Everyone told me I was crazy to go join a taxi company.

Their words, not mine.

But it was slow moving, heavily regulated, high cap X. And of course, Uber is none of those things.

Right.

Dana, similarly, investing at NEA in and around the earliest SaaS in the cloud, the earliest 3D printing companies, these companies that were not seen as venture scale outcomes when we made those moves.

And I think founders, LPs certainly recognize that.

There is a distinction between an effort to reindustrialize and what's happening in defense technology.

And there is a distinction on the policy side with artificial intelligence.

But what broadly connects all of those is this administration focusing on cutting red tape, expediting permitting, and basically giving political will to bring more things back to America.

At the early stage, how does that present an opportunity?

Yeah, that's a great point.

And I really see, you know, many of these companies are dual-use companies, and I think that's important to distinguish.