Jason Lemkin

Because Jason's right.

I mean, it's such an insight, Jason.

It's a seed deal that went wrong.

What do you do when the core premise you invested in turns out not to be true and you spent 10% of the total money?

If you're smart and you don't have another compelling idea, you give the money back.

You incur the respect.

Everyone was stressed.

OK, I got it.

You moved on.

You called bullshit.

From the investor...

investor perspective, I wonder where they're sitting there going, it would be totally fine to take a 20 cent haircut and be done.

Do you think they'll do that?

Yeah.

The way I described it, if I was on the board, I'd say this.

We're not going to get our 2x from the M&A outcome.

But if we get our 0.8x to a rounding error, it doesn't matter, especially if you can quickly recycle the capital, because this happened so quickly.

That's all in the current fund cycle.

Just so listeners know, if you're in the investment period for a venture fund, you wire a billion dollars into investment A, instead of waiting 10 years and getting 0.8 back, if you get 0.8 back in 12 months, you can reinvest that 0.8 and very quickly just move on.

It's almost like it didn't happen.