David Frankel

They went newspapers and magazines. That's dying, right? The damn shit. Couldn't really argue with them. Like just kept going. I'd looked at newspapers and magazines as the angel investor and gone, you know, so that's a couple of hundred million dollars, not billions of dollars. Okay, next thing media radar goes into Facebook, Google, everything online needs them.

Next thing they're going to Netflix, Apple, Amazon, everything that is being screened needs them. And the TAM just was like infinite. So I've seen the mistake made where you really undersize the TAM. It sounds very seductive and logical in the moment. But like, do I think of TAM? TAM matters.

Next thing they're going to Netflix, Apple, Amazon, everything that is being screened needs them. And the TAM just was like infinite. So I've seen the mistake made where you really undersize the TAM. It sounds very seductive and logical in the moment. But like, do I think of TAM? TAM matters.

Next thing they're going to Netflix, Apple, Amazon, everything that is being screened needs them. And the TAM just was like infinite. So I've seen the mistake made where you really undersize the TAM. It sounds very seductive and logical in the moment. But like, do I think of TAM? TAM matters.

I think all things being equal in the rear view mirror, you look at like the Tradesk versus Olo and you go, the Tradesk is like, it's this infinite TAM, right? You could literally be Google, Facebook and Tradesk. And then you look at Olo and you go, okay, vertical SaaS restaurants, is that TAM limited? Probably all things being equal, but there you go.

I think all things being equal in the rear view mirror, you look at like the Tradesk versus Olo and you go, the Tradesk is like, it's this infinite TAM, right? You could literally be Google, Facebook and Tradesk. And then you look at Olo and you go, okay, vertical SaaS restaurants, is that TAM limited? Probably all things being equal, but there you go.

I think all things being equal in the rear view mirror, you look at like the Tradesk versus Olo and you go, the Tradesk is like, it's this infinite TAM, right? You could literally be Google, Facebook and Tradesk. And then you look at Olo and you go, okay, vertical SaaS restaurants, is that TAM limited? Probably all things being equal, but there you go.

Yeah. You know, Noah raised $600 million for 10% dilution when he IPO'd. That's fine.

Yeah. You know, Noah raised $600 million for 10% dilution when he IPO'd. That's fine.

Yeah. You know, Noah raised $600 million for 10% dilution when he IPO'd. That's fine.

I used to think that PE firms were like the enemy of the seed stage. And I've changed my mind on that. We've got some PE firms in two vertical SaaS companies that I'm involved in. Their rigor, their financial discipline, and the help they've given to those companies has been great for the entire cap table. So PE can be very, very valuable in portfolio companies.

I used to think that PE firms were like the enemy of the seed stage. And I've changed my mind on that. We've got some PE firms in two vertical SaaS companies that I'm involved in. Their rigor, their financial discipline, and the help they've given to those companies has been great for the entire cap table. So PE can be very, very valuable in portfolio companies.

I used to think that PE firms were like the enemy of the seed stage. And I've changed my mind on that. We've got some PE firms in two vertical SaaS companies that I'm involved in. Their rigor, their financial discipline, and the help they've given to those companies has been great for the entire cap table. So PE can be very, very valuable in portfolio companies.

Totally seeing that.

Totally seeing that.

Totally seeing that.

I find this easier to answer at the company level. So if I think of like applied AI, and I think of some of those companies, Micah Rosenblum on Vokada comes to mind. That is applied AI to camera. Josh Wolfe, who did Anduril out of Lux, that's like applied to drones. Again, if I look at Josh Kushner, billion on a hundred billion, I wouldn't bet against that. So my answer is company-based.

I find this easier to answer at the company level. So if I think of like applied AI, and I think of some of those companies, Micah Rosenblum on Vokada comes to mind. That is applied AI to camera. Josh Wolfe, who did Anduril out of Lux, that's like applied to drones. Again, if I look at Josh Kushner, billion on a hundred billion, I wouldn't bet against that. So my answer is company-based.

I find this easier to answer at the company level. So if I think of like applied AI, and I think of some of those companies, Micah Rosenblum on Vokada comes to mind. That is applied AI to camera. Josh Wolfe, who did Anduril out of Lux, that's like applied to drones. Again, if I look at Josh Kushner, billion on a hundred billion, I wouldn't bet against that. So my answer is company-based.

Best board member you sit on a board with, and why them? Jake Saper from Emergence on Regal. has been just an incredible augmentation, just been a fantastic partner to have on the company. So Jake sourced Zoom for emergence, deserves a lot of that credit, reversed the track on this portfolio company and every bit of hiring, every bit of advice, it's literally like he can't do enough for a company.