Josh Kushner

And I think as we've seen across our portfolio, there's usually one hero product, and that product leads to incredible demand, but utilizing that distribution to ultimately introduce lots of different products over time is something that we've seen create meaningful enterprise value. We are big believers that there will continue to be tremendous innovation in the financial services space.

And I think as we've seen across our portfolio, there's usually one hero product, and that product leads to incredible demand, but utilizing that distribution to ultimately introduce lots of different products over time is something that we've seen create meaningful enterprise value. We are big believers that there will continue to be tremendous innovation in the financial services space.

We're also tremendously impressed by how some of the incumbents have reacted to the innovation that has been brought forth by some of the companies that I've mentioned. But I think there's so much more to ultimately do.

We're also tremendously impressed by how some of the incumbents have reacted to the innovation that has been brought forth by some of the companies that I've mentioned. But I think there's so much more to ultimately do.

If I were to frame the way in which we think about investing, we invest in consumer. So e-commerce and on the direct to consumer side, we've invested in businesses that are very much oriented around the framework of cost, quality, and convenience. So how do you actually sell a better product in a more convenient way at a lower cost than the incumbent?

If I were to frame the way in which we think about investing, we invest in consumer. So e-commerce and on the direct to consumer side, we've invested in businesses that are very much oriented around the framework of cost, quality, and convenience. So how do you actually sell a better product in a more convenient way at a lower cost than the incumbent?

So throw Warby, Skims, Harry's, Hims into that relevant framework. I would say aggregation, commerce, so Instacart or Fanatics. And then the third is just traditional marketplaces.

So throw Warby, Skims, Harry's, Hims into that relevant framework. I would say aggregation, commerce, so Instacart or Fanatics. And then the third is just traditional marketplaces.

On the second category that we've traditionally invested in would be traditional industries that are utilizing software or the distribution of the internet to provide a better consumer experience to the end consumer in a more capital efficient way. So think financial services, healthcare, insurance, real estate. The third is software.

On the second category that we've traditionally invested in would be traditional industries that are utilizing software or the distribution of the internet to provide a better consumer experience to the end consumer in a more capital efficient way. So think financial services, healthcare, insurance, real estate. The third is software.

We've talked a lot about some of the companies that we've invested in. And then the fourth would be software enabled hardware. It would be Android and SpaceX. I think hardware is something that we've traditionally avoided, just given the capital requirements associated, but also just the long lead times.

We've talked a lot about some of the companies that we've invested in. And then the fourth would be software enabled hardware. It would be Android and SpaceX. I think hardware is something that we've traditionally avoided, just given the capital requirements associated, but also just the long lead times.

But the ability to kind of apply an operating system on top of hardware is something that we've seen with those two companies and is something that we've been paying much closer attention to.

But the ability to kind of apply an operating system on top of hardware is something that we've seen with those two companies and is something that we've been paying much closer attention to.

So Michael Lovitz invested in Thrive's first $5 million fund. Talk about someone willing to do the work. Yeah, 100%. I never really properly spent time in Silicon Valley before. And he suggested while I was there, I spent a couple of days with interest in Horowitz to kind of learn about how they operated the firm. And Mark was so generous. He had me sit in on all of his meetings.

So Michael Lovitz invested in Thrive's first $5 million fund. Talk about someone willing to do the work. Yeah, 100%. I never really properly spent time in Silicon Valley before. And he suggested while I was there, I spent a couple of days with interest in Horowitz to kind of learn about how they operated the firm. And Mark was so generous. He had me sit in on all of his meetings.

I was 25 years old at the time. And I was truly blown away by one, his generosity, his willingness to include me because a friend of his suggested that he did was just extremely kind and generous of him. his curiosity, but also his tenacity.

I was 25 years old at the time. And I was truly blown away by one, his generosity, his willingness to include me because a friend of his suggested that he did was just extremely kind and generous of him. his curiosity, but also his tenacity.

And actually one of the mottos of Thrive after I came back from that experience was Mark started Netscape and he's still doing everything he possibly can to be an extremely value-added partner to his founders. We didn't start Netscape. So we need to go above and beyond. So even a line that we use today at the firm is we did not start Netscape.

And actually one of the mottos of Thrive after I came back from that experience was Mark started Netscape and he's still doing everything he possibly can to be an extremely value-added partner to his founders. We didn't start Netscape. So we need to go above and beyond. So even a line that we use today at the firm is we did not start Netscape.