Lucas Swisher

It's not revenue growth that you want to chase.

It's that.

Yeah, this is one of the hardest things.

It's why we actually think the framework that we use internally is we think about valuation.

Everybody has to think about valuation.

But when a company is growing exponentially, 10x year on year, 50x year on year, right?

The things that we're seeing now, we think about valuation last.

It's the last question we try to answer.

Is the valuation great?

Because you mentioned you may invest in a Series C at 20 million of ARR at 3 billion post.

And that seems insane.

But if the 20 goes to a 200 in one year and then 600 the next and 3 billion the next,

All of a sudden that looks extremely cheap.

And so our job is how do you find the things that are on that curve?

Yeah, it filters down into every decision that we think about all the time.

And I think the key is, first, you want to be in gigantic TAMs, big ideas only.

Because if you ever compromise on that very first principle and you're paying high valuations, you're in trouble.

medium TAM, small TAM, you better believe that this thing can be absolutely gigantic.

We have this test internally, right?

Where it used to be five years ago, we called it the $10 billion public company test, right?