Jeff Horing

The less I lose of a customer, the longer it lasts.

The present value of that cashflow stream is higher.

CAC is the other big variable on that.

What you're trying to figure out is the market hole for that.

How quickly am I accelerating that number?

If I added 10 million of new business this year, can I add 20 million next year and 40 million the year after?

And the smaller the company gets, the harder it is to tease out whether you're just rapidly walking into a finite market

and you saturate that decision-making in that market?

Or is it deep enough that you could imagine growing for multiple years?

Wiz, which is obviously one of our favorite stories and great team and blah, blah, blah.

They've been able to double or more their net new bookings each year for six years.

Just when you do that math, if you start at 10 and start doubling that for five years, that's a really big number of new business added each year, which keeps your growth rate.

If you literally doubled it every year, you would have 100% growth rate ad infinitum.

So you have to do qualitative, especially as you get earlier, because a lot of these numbers are still forming and

False precision, I think, could get you in trouble.

I'm a big fan of the value prop.

When I think about investing, I want to hear the entrepreneur explain how they're generating real value for the customer.

When I look at what makes for the perfect investment, I have thought about the five ingredients to me of perfect investments.

So value prop is critical, and that usually could and should translate to selling price.

And then I distill that and say, well, imagine you're going after the hospital market.