James McHugh

The guys with 100 million in the bank that can accelerate their growth, Richard and his team, will win.

I think that that's one of the fundamental differences that I see between the US and Europe.

I'll give you another great example.

So we're working very closely with N8N, a company that I think is a brilliant company out of Germany.

They have just raised, again, they've just raised, I want to say it's about a hundred million bucks, but it's on a 2.4 billion valuation, but they've raised from Sequoia in the US.

I believe it's Sequoia.

50 plus percent of their growth, even though they're a German company, 50 plus percent of their growth is coming from the US.

So the customer's take up of technology is faster.

The capacity to put money into companies that are scaling is faster.

even a company that's German based needs to step over and get involved in the US market, both for growth and for financing.

So the challenges in Europe are structural.

Yes.

In fact, I had a house in San Francisco for years and I rented it out over COVID.

And I've just taken it back.

And I've taken it back because everything is happening in San Fran right now.

All of these companies are sitting in San Francisco.

I took my daughter to a concert in San Fran about two years ago, just before Xi Jinping's visit.

And it genuinely was a zombie apocalypse.

It was terrible to witness what could happen

Just awful.