Marc Andreessen

And then they would all of a sudden end up in this situation where they had a conflict between investment mentalities, a fundamental conflict on the cap table over things like level of risk, level of reinvestment, how fast they should go public, if they should sell the company, do they need to replace the founder, bring in a professional CEO?

To the extent you bring in non-tech mentality, whatever you want to call it, Silicon Valley mentality, growth stage investors, you do set yourself up for you're now going to get a different set of pressures.

To the extent you bring in non-tech mentality, whatever you want to call it, Silicon Valley mentality, growth stage investors, you do set yourself up for you're now going to get a different set of pressures.

And so one of the things we wanted to be able to do is to be able to, with our founders that have the chance to build something really great, we want to be able to be their partner across potentially every round that they do.

And so one of the things we wanted to be able to do is to be able to, with our founders that have the chance to build something really great, we want to be able to be their partner across potentially every round that they do.

And then as a consequence of that, they can basically preserve our mentality on their cap table for longer and longer and longer.

And then as a consequence of that, they can basically preserve our mentality on their cap table for longer and longer and longer.

And I think that that works pretty well.

And I think that that works pretty well.

Yes, and it is, and the reason for that, twofold.

Yes, and it is, and the reason for that, twofold.

One is just the conceptual kind of reasons that I described, but the other is just on pure economics, it is.

One is just the conceptual kind of reasons that I described, but the other is just on pure economics, it is.

Because, as you know, the upside on the $5 million check is every bit as big as the upside on a $500 million growth investment.

Because, as you know, the upside on the $5 million check is every bit as big as the upside on a $500 million growth investment.

And this is what's so unusual about venture.

And this is what's so unusual about venture.

If I make a $5 million seed investment and I nail it, I can make $10 billion on that, $100 billion on that.

If I make a $5 million seed investment and I nail it, I can make $10 billion on that, $100 billion on that.

If I make a $500 million growth investment and I nail it, I can make $10 billion or $100 billion on it.