Katherine Boyle

Actually, is that how it works?

What other companies operate like that?

Oh, well, I mean, in John's case, who's the founder of Cape, I waited until he had the entity formed, and then we gave him the company.

So when I say we invest before the company even exists, there's a company.

It's just sometimes he doesn't know what he's going to do.

There are some founders where you don't know what... I even say Anduril's a great example of this, where yes, they started off with Century Tower, but products three and four and five, they had no idea what those products were going to be.

And some of those have just been extraordinarily successful.

And so a lot of founders kind of, you know, they learn on the job, right?

Like they're talking to new customers every day and it's like, actually, maybe we should do this instead.

They call it the pivot.

You know, it's like in Valley, it's like, it's infamous.

It's like, oh, company's pivoting into a different direction.

But a pivot isn't seen as a bad thing.

It's seen as, oh, they learned something new and they're taking that knowledge and they're building something with it.

It's much more common to invest in a company post-idea, post-team.

The pitch deck oftentimes explains the problem and the solution.

Oftentimes there's a product built.

But for early, early stage investing, which is where I like to invest,

Sometimes, you don't need it.

Sometimes, it's just about a credible team coming together and you having belief that that team can actually pull it off based on their history.