Marc Andreessen

But again, they always at that point have somebody early on who they're very close to.

But again, they always at that point have somebody early on who they're very close to.

So we do see the difference there.

So we do see the difference there.

And then look, the other part of it is doubling down on the companies that are working or growing.

And then look, the other part of it is doubling down on the companies that are working or growing.

And I would just say on that, part of that's just economics, which is if you have the chance to do that, you should do that as a professional investor.

And I would just say on that, part of that's just economics, which is if you have the chance to do that, you should do that as a professional investor.

But there's another really fundamental thing why we decided to go so big in growth on that front, which is, this is less true now, but 10 years ago, 15 years ago, these companies would raise money from venture investors, and then they would get to a certain point, and then they would raise money from a completely different kind of investor.

But there's another really fundamental thing why we decided to go so big in growth on that front, which is, this is less true now, but 10 years ago, 15 years ago, these companies would raise money from venture investors, and then they would get to a certain point, and then they would raise money from a completely different kind of investor.

that was not tech centric.

that was not tech centric.

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?

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.