Lucas Swisher

More capital does give you an advantage.

There are some cases where historically it's given you a disadvantage.

If you have so much capital and not a lot of product market fit, I'd say you probably had a disadvantage.

If you have a lot of capital and insane product market fit that allows you to go hire a huge sales force,

That's a huge advantage, right?

Like if you're actively taking a market and you have way more capital, a better, right?

Like it's this is like almost tautological.

That is a huge advantage.

But do I think that there's this concept of, well, if Kotu and Sequoia and Kleiner all pile into a company that it's over,

I think there are segments of the market where it feels like that is that feels like a little bit of a problem.

I think for these companies and again, I'll just focus on what we do right for the companies that are explosively growing at the growth stage and have real product market fit, real product, real traction.

I don't think so, right?

You look at these companies that raise really rapid rounds in succession at the growth stage that actually have something underneath.

No, because there's real ROIC on the capital that's being invested, right?

There's real ROI for the dollars that are going into these businesses.

Sometimes I think when growth funds in particular chase venture companies, right?

We've talked about that delineation point.

That's where I think it can get quite dangerous.

It can make companies complacent.

It can make companies spend too much on things that maybe it's not great.