Nabeel Hyatt

The industry today is run basically by principals, associates, and junior GPs. A principal is not actually waiting for an exit. They just want a promotion, man. We are in the industrialization of startups playbook land where everybody's trying to churn out some piece of ridiculous arbitrage every week in order to get through the end of their incubator and raise their seed round.

The industry today is run basically by principals, associates, and junior GPs. A principal is not actually waiting for an exit. They just want a promotion, man. We are in the industrialization of startups playbook land where everybody's trying to churn out some piece of ridiculous arbitrage every week in order to get through the end of their incubator and raise their seed round.

The industry today is run basically by principals, associates, and junior GPs. A principal is not actually waiting for an exit. They just want a promotion, man. We are in the industrialization of startups playbook land where everybody's trying to churn out some piece of ridiculous arbitrage every week in order to get through the end of their incubator and raise their seed round.

There is absolutely a belief that too much capital can mess up a company.

There is absolutely a belief that too much capital can mess up a company.

There is absolutely a belief that too much capital can mess up a company.

It's showbiz, man. You're doing your job. I get it. Dude, it is great to have you here.

It's showbiz, man. You're doing your job. I get it. Dude, it is great to have you here.

It's showbiz, man. You're doing your job. I get it. Dude, it is great to have you here.

Well, I think it's happening already, whether we like it or not, right? I think we can't really preach that a founder is supposed to adapt to a market and understand that the market is there. There's a thing called founder market fit. And there's also, frankly, a thing called VC market fit. And this market for AI is wildly different. I don't think anyone would argue it's not wildly different.

Well, I think it's happening already, whether we like it or not, right? I think we can't really preach that a founder is supposed to adapt to a market and understand that the market is there. There's a thing called founder market fit. And there's also, frankly, a thing called VC market fit. And this market for AI is wildly different. I don't think anyone would argue it's not wildly different.

Well, I think it's happening already, whether we like it or not, right? I think we can't really preach that a founder is supposed to adapt to a market and understand that the market is there. There's a thing called founder market fit. And there's also, frankly, a thing called VC market fit. And this market for AI is wildly different. I don't think anyone would argue it's not wildly different.

And then the question is, in what way is it different? And we had a B2B SaaS amazing, wonderful bull run in 2021 and a little bit afterwards. And I think we got really good at like, Greg Treverton uses this phrase of puzzles versus mysteries, which is just like, puzzles are this thing that you can like, you know, use that raw horsepower to solve.

And then the question is, in what way is it different? And we had a B2B SaaS amazing, wonderful bull run in 2021 and a little bit afterwards. And I think we got really good at like, Greg Treverton uses this phrase of puzzles versus mysteries, which is just like, puzzles are this thing that you can like, you know, use that raw horsepower to solve.

And then the question is, in what way is it different? And we had a B2B SaaS amazing, wonderful bull run in 2021 and a little bit afterwards. And I think we got really good at like, Greg Treverton uses this phrase of puzzles versus mysteries, which is just like, puzzles are this thing that you can like, you know, use that raw horsepower to solve.

And mysteries are, you know, you have to go on the journey. There's like fog of war and you cannot work it out ahead of time. In many ways, like the B2B SaaS, blow up of that era was all about like the industrialization of venture capital.

And mysteries are, you know, you have to go on the journey. There's like fog of war and you cannot work it out ahead of time. In many ways, like the B2B SaaS, blow up of that era was all about like the industrialization of venture capital.

And mysteries are, you know, you have to go on the journey. There's like fog of war and you cannot work it out ahead of time. In many ways, like the B2B SaaS, blow up of that era was all about like the industrialization of venture capital.

It was all about figuring out all of the puzzles needed to hire 100 associates to do all of the work to figure out exactly the right SAS metrics and then grind it all out. And no one has any idea what a model is even going to do in a week. So I don't know how that isn't a mystery. And so I think you have to build a firm with that set of talent.

It was all about figuring out all of the puzzles needed to hire 100 associates to do all of the work to figure out exactly the right SAS metrics and then grind it all out. And no one has any idea what a model is even going to do in a week. So I don't know how that isn't a mystery. And so I think you have to build a firm with that set of talent.