Katherine Boyle

It's how we've built companies.

A lot of the companies that are now in the most valuable 10 weren't even founded in 2000.

Facebook wasn't around.

Google had just gone public in 2004.

It is extraordinary that we have been able to build companies that big that surpass all of industry across the world in 25 years.

But part of that is because of the venture capital industry, which is not this

cottage industry of a couple of people sitting around doling out money anymore, it is billions of dollars given by what's known as institutional limited partners.

What they are is the big pension funds.

Every state has massive pension funds, nonprofits, university endowments, sovereign wealth funds across the world.

Every country has sovereign wealth money that they want to put into various things, and now they all want to put money into technology.

And so when you add all of that up and you say like everyone recognizes that they need exposure to high growth venture capital backed companies that are gonna go public and that are gonna be the next Uber, the next Stripe, the next Facebook, the next Google.

It's just so much bigger than it was even 10 years ago.

And it's become, I'd say it's become really competitive because, you know, any really talented engineer now that has a group of people with a good idea, like it's never been, I don't wanna say it's easy, but it's easier to get seed capital.

It's easier to get someone to bet on you because there's more capital in the industry.

And what was a problem five years ago is that because American dynamism didn't exist, because this category of innovation didn't exist, you couldn't go into a venture capital firm and say, I'm going to build a hypersonics company.

People would be like, what?

There's no ecosystem of people who are going to invest in that.

There's no downstream capital of people in the later rounds, the way venture capital structured.

is every 18 months, 18 to 24 months, a company will raise an additional round of capital.

And if they're successful, it makes their valuation go up, it makes the amount the company's worth go up, and it allows them to expand, it allows them to grow the number of engineers, the number of people working there,