Einar Volsett

No, no, no.

We're not investing in companies that, at the outset, want to be outliers.

That's different.

We're not saying we will, if we invest in you and you become an outlier, we're like, oh shit, we fucked up.

Because the nature of early stage investments in sort of parallel nature of outcomes that we're seeing, that you can see, this is true for like 500 startups is actually...

One of the few people who very early on articulated this and says, and like, there's a bunch of research that effectively shows you should be investing much more broadly than you are.

And I think, I personally think that's why most angel investors do really poorly at the early stage of tech investing.

It's because they don't have enough portfolio, companies in their portfolio.

Effectively, yeah.

I mean, what we want to be effectively is almost like an index fund into the very early stages of B2B SaaS companies.

And then 13, yeah.

No, it depends on the expected return on the, based on some of the modeling is like,

It depends, but I think you probably need to have at least 50 companies in your car to have the outcome where you're expected to have at least a 5x return on capital.

Fund 2, we're just about to start fundraising.

We were going to start going to market, honestly, I guess in February.

That was the plan.

But then obviously COVID hits and it seemed a little...

to start calling family offices and ask for cash when they were probably worried about what was going to happen to their grandparents and what they were going to do with their kids at home, homeschooling them.

So we put that on hold, but we're about to go to market now.

We're being public about the fact that we're fundraising so we can sort of advertise it.