Mark Goldberg

And so we have a very light reserve model. We will double down on companies where there's exceptions, but we have a very light reserve model.

And so we have a very light reserve model. We will double down on companies where there's exceptions, but we have a very light reserve model.

And so we have a very light reserve model. We will double down on companies where there's exceptions, but we have a very light reserve model.

So first off, we're going to be competing. We're going to be competing with everybody. And that's fine. I mean, this is an industry where you're both working with people on one deal and competing against them in the next. But we are certainly going to be competing tooth and nail in every deal that we're in. But we think that's a great thing for founders. Founders should have choice.

So first off, we're going to be competing. We're going to be competing with everybody. And that's fine. I mean, this is an industry where you're both working with people on one deal and competing against them in the next. But we are certainly going to be competing tooth and nail in every deal that we're in. But we think that's a great thing for founders. Founders should have choice.

So first off, we're going to be competing. We're going to be competing with everybody. And that's fine. I mean, this is an industry where you're both working with people on one deal and competing against them in the next. But we are certainly going to be competing tooth and nail in every deal that we're in. But we think that's a great thing for founders. Founders should have choice.

I think you have to play the game on the field. And the question is, are there good companies that are emerging right now in this vintage? I would say yes. Now, are there ridiculous deals happening that I don't think fit the risk return profile for you or for me? Absolutely. But I think around that, there's plenty of work to do.

I think you have to play the game on the field. And the question is, are there good companies that are emerging right now in this vintage? I would say yes. Now, are there ridiculous deals happening that I don't think fit the risk return profile for you or for me? Absolutely. But I think around that, there's plenty of work to do.

I think you have to play the game on the field. And the question is, are there good companies that are emerging right now in this vintage? I would say yes. Now, are there ridiculous deals happening that I don't think fit the risk return profile for you or for me? Absolutely. But I think around that, there's plenty of work to do.

One of the lessons I learned from Index Ventures and certainly two of my mentors, Mike Volpe, Ilya Fushman, was you want to be in the category winner. And when you need to pay up to be in a category winner, you don't want to be in the number two or the number three in a category. And there are times when I'm willing to take risk in that direction.

One of the lessons I learned from Index Ventures and certainly two of my mentors, Mike Volpe, Ilya Fushman, was you want to be in the category winner. And when you need to pay up to be in a category winner, you don't want to be in the number two or the number three in a category. And there are times when I'm willing to take risk in that direction.

One of the lessons I learned from Index Ventures and certainly two of my mentors, Mike Volpe, Ilya Fushman, was you want to be in the category winner. And when you need to pay up to be in a category winner, you don't want to be in the number two or the number three in a category. And there are times when I'm willing to take risk in that direction.

Your risk is the valuation, but you feel extreme conviction in the leader in a category. That's in time when I'm willing to kind of stretch. The other time, Harry, just before you jump in, and really the way I think about early stage investing, is so much of a founder focus of, do I have insane conviction in this individual, in this founding team?

Your risk is the valuation, but you feel extreme conviction in the leader in a category. That's in time when I'm willing to kind of stretch. The other time, Harry, just before you jump in, and really the way I think about early stage investing, is so much of a founder focus of, do I have insane conviction in this individual, in this founding team?

Your risk is the valuation, but you feel extreme conviction in the leader in a category. That's in time when I'm willing to kind of stretch. The other time, Harry, just before you jump in, and really the way I think about early stage investing, is so much of a founder focus of, do I have insane conviction in this individual, in this founding team?

And when those variables line up, I tend to feel more confidence in my ability to kind of stretch on the deal price in terms.

And when those variables line up, I tend to feel more confidence in my ability to kind of stretch on the deal price in terms.

And when those variables line up, I tend to feel more confidence in my ability to kind of stretch on the deal price in terms.

I don't mind competitive markets. I think so much about ideas are a dime a dozen. You want to find people that are excellent at execution and that have the vision to outcompete the folks in their market. I have never shied away from competitive markets. What I lean into is a founder who is willing to go head to head at a competitive market and I believe has the chutzpah to go win it.

I don't mind competitive markets. I think so much about ideas are a dime a dozen. You want to find people that are excellent at execution and that have the vision to outcompete the folks in their market. I have never shied away from competitive markets. What I lean into is a founder who is willing to go head to head at a competitive market and I believe has the chutzpah to go win it.