Jay Hoag

You think about Apple.

Apple was left for dead in 2000.

Apple and Microsoft are the two companies worth $3 trillion today.

Microsoft, from an investor lens, wandered in that desert for more than a decade.

And that's just worth keeping in mind.

It will not be up and to the right in a linear fashion for the vast majority of these companies.

I'll get into the reasons for that in a minute.

Everything is bigger.

It's given that it is TCV's 30th year.

Actually, technically, it's June 23rd is our 30-year anniversary.

I went back and looked at some stats just to give you a scale difference.

The entire venture industry in 1994 raised $4 billion.

Today, that's a small fund for some, which is pretty staggering.

In terms of market cap, at the end of 1994, the NASDAQ was at 751.

Today, it's north of 17,000.

So that's about a 23x increase in the NASDAQ value.

And I didn't have it from 94, but in 1991-

As you looked at the large public technology companies, there were 31 companies north of a billion dollars and another 13 companies between 500 million and a billion.

That was large tech back then.

And I mentioned today there are six companies north of a trillion.