Jason Calacanis

I work with the small ones.

It is fait accompli with startups.

They are building software.

They're shipping.

They are getting massive value from these tokens.

And they're getting so much value that they don't have to add, you know, but half the number of employees that they would with the same amount of capital.

They're getting further with less money.

It is working in startup land.

I don't know what's happening at 80, 90.

You would have a better picture, obviously, of the enterprise.

Tell us what you see there.

We haven't.

It doesn't mean it's not coming.

Brad, you want to pick up on this because I'm definitely taking the other side of it because I'm seeing with a lot of these companies, massive lowering of costs.

Their ads are getting more effective.

At the same time, they've stopped hiring.

They're not adding positions in a lot of cases.

And things like, just pick the Nike example, a lot of the photo shoots,

They used to do for their app, excuse me, a lot of the imagery they used to make.

Now they're able to make more of it without having to hire photographers and do that stuff.