Hussein Kanji

We're like, honestly, is it worth the time to do this for like a million, two million, three million, 10 million? Like you're much better off raising a five, six, seven billion dollar fund and putting 50 to work.

We're like, honestly, is it worth the time to do this for like a million, two million, three million, 10 million? Like you're much better off raising a five, six, seven billion dollar fund and putting 50 to work.

So if you'd asked me this question in 21, I would have said it was good. Because if the market's on the way up, if everything is pulling you up, All you need is money from the investors. You don't need all that much more. It's nice if they invite you to things, but you don't really need very much out of them.

So if you'd asked me this question in 21, I would have said it was good. Because if the market's on the way up, if everything is pulling you up, All you need is money from the investors. You don't need all that much more. It's nice if they invite you to things, but you don't really need very much out of them.

So if you'd asked me this question in 21, I would have said it was good. Because if the market's on the way up, if everything is pulling you up, All you need is money from the investors. You don't need all that much more. It's nice if they invite you to things, but you don't really need very much out of them.

If the market stumbles, market stumbled in 22, there's a whole bunch of companies out there. By the way, if you look at the public markets today and you go look at all the SaaS companies between the first decile all the way up to the 10th decile, if you break it up, everything other than the first decile is both growing and profitable. Both, not either or, both.

If the market stumbles, market stumbled in 22, there's a whole bunch of companies out there. By the way, if you look at the public markets today and you go look at all the SaaS companies between the first decile all the way up to the 10th decile, if you break it up, everything other than the first decile is both growing and profitable. Both, not either or, both.

If the market stumbles, market stumbled in 22, there's a whole bunch of companies out there. By the way, if you look at the public markets today and you go look at all the SaaS companies between the first decile all the way up to the 10th decile, if you break it up, everything other than the first decile is both growing and profitable. Both, not either or, both.

Which means that if you're a $100 million vertical SaaS company that's profitable, private today and you're at that kind of stage and you're not one or the other. Sorry, you are one or the other, but not both. You have a long way to go before you can go public. And those companies need to be like work needs to go into them.

Which means that if you're a $100 million vertical SaaS company that's profitable, private today and you're at that kind of stage and you're not one or the other. Sorry, you are one or the other, but not both. You have a long way to go before you can go public. And those companies need to be like work needs to go into them.

Which means that if you're a $100 million vertical SaaS company that's profitable, private today and you're at that kind of stage and you're not one or the other. Sorry, you are one or the other, but not both. You have a long way to go before you can go public. And those companies need to be like work needs to go into them.

And you probably need, even if it's just a sounding board, someone to sit down and have that conversation with. And that's probably your venture person. And if you're in a call option business, it's not worth the venture fund's time to do all that stuff. So I think it depends if you're in bull cycles or bear cycles or kind of in between cycles.

And you probably need, even if it's just a sounding board, someone to sit down and have that conversation with. And that's probably your venture person. And if you're in a call option business, it's not worth the venture fund's time to do all that stuff. So I think it depends if you're in bull cycles or bear cycles or kind of in between cycles.

And you probably need, even if it's just a sounding board, someone to sit down and have that conversation with. And that's probably your venture person. And if you're in a call option business, it's not worth the venture fund's time to do all that stuff. So I think it depends if you're in bull cycles or bear cycles or kind of in between cycles.

And I think we're kind of sort of in between because we're bull on AI and then kind of bearish on a lot of other stuff.

And I think we're kind of sort of in between because we're bull on AI and then kind of bearish on a lot of other stuff.

And I think we're kind of sort of in between because we're bull on AI and then kind of bearish on a lot of other stuff.

And there are hiccups. People forget like even some of the massive outcomes in our industry have had hiccups. Some of them did not. Google did not have any hiccups. Maybe now it has a hiccup with some regulatory challenges, but did not have a hiccup. Facebook had hiccups. That was not easy to raise some of the rounds at Facebook. There's a reason why Microsoft ended up on the cap table.

And there are hiccups. People forget like even some of the massive outcomes in our industry have had hiccups. Some of them did not. Google did not have any hiccups. Maybe now it has a hiccup with some regulatory challenges, but did not have a hiccup. Facebook had hiccups. That was not easy to raise some of the rounds at Facebook. There's a reason why Microsoft ended up on the cap table.

And there are hiccups. People forget like even some of the massive outcomes in our industry have had hiccups. Some of them did not. Google did not have any hiccups. Maybe now it has a hiccup with some regulatory challenges, but did not have a hiccup. Facebook had hiccups. That was not easy to raise some of the rounds at Facebook. There's a reason why Microsoft ended up on the cap table.