Marc Andreessen

Nobody ever does the lockbox.

Nobody ever does the lockbox.

So back to your question, I would just say, look, I think, I'll come back to high valuation in a second, but I think there's an actual core fundamental linked thing that's very important, which is the amount of money.

So back to your question, I would just say, look, I think, I'll come back to high valuation in a second, but I think there's an actual core fundamental linked thing that's very important, which is the amount of money.

Overfunding is actually just as dangerous or more dangerous than underfunding, number one.

Overfunding is actually just as dangerous or more dangerous than underfunding, number one.

And then number two, look, the problem with these high valuations is like, okay, God help you if you need to clear the bar next time and you can't.

And then number two, look, the problem with these high valuations is like, okay, God help you if you need to clear the bar next time and you can't.

Every round sets a post.

Every round sets a post.

It sets a threshold, a hurdle.

It sets a threshold, a hurdle.

for being able to raise in the future.

for being able to raise in the future.

And like, and you know, this is something that people learn every cycle, you know, kind of for the first time in a hard way.

And like, and you know, this is something that people learn every cycle, you know, kind of for the first time in a hard way.

No new investor wants to do a down round in anybody else's company.

No new investor wants to do a down round in anybody else's company.

If you put the investor hat on and you're like, I'm going to go do a down round in this company because I'm going to be the hero and save the company or whatever, because it raised too high last time.

If you put the investor hat on and you're like, I'm going to go do a down round in this company because I'm going to be the hero and save the company or whatever, because it raised too high last time.