Lucas Swisher

Is this generational enough?

Is this transformational enough?

Is the founder amazing enough that if in six months they wake up and say they want to raise it 10, that I'm going to want to do that?

Yeah, we're much more the latter.

And I think there are two dynamics around this.

One is our view is there are very few companies that generate the disproportionate value in technology.

If you look at the private markets today, take the whole private market ecosystem.

20 companies have generated 80% of the enterprise value.

20 companies, 80% of the enterprise value of all the private companies that exist in the world.

And four companies have generated 65% of the enterprise value.

Four companies.

And so what really matters is being in those companies, those 20 platform companies that are generating the disproportionate amount of value.

And then your next question is, all right, well, how?

Like this wonderful framework, like we all would love to be in all of these platform companies, but like how?

And the answer is, from our view, you can't do this pray and pray at the early stage or the early growth stage.

The reason why is you may be in the wrong horse or you may be in the wrong market and you may be investing your time wrong.

Because there are very few companies, we need to make very few investments, even at the early growth stage or the growth stage.

We can't afford to be in the wrong horse.

I think you can, but it definitely makes your job harder, right?

You want to make your job as easy as possible and not put up the barriers in ways to being able to win a new investment.