Narayan Chowdhury

And I'm sure it's very founder dependent as well.

The founders that have had good success with a VC partner more than likely are going to go back.

Unless, here again, we go back to an earlier statement about regime changes.

We were talking to a few groups I'm sure you've seen.

They've really developed a thesis around backing repeat founders.

And they'll have some nuance to it.

It's not just, you know, you founded X, you had a above 100 million outcome or whatever, and therefore you're funded.

They often have things about where were you in the org?

What did you run?

Do you still have a chip?

You know, they have all these things.

One of the questions we'll often ask is, well, these founders already took capital.

By definition, they already have some venture relationships.

Why aren't they just going back to them?

And one of two things have happened.

One is they didn't have a good experience with that VC.

Or interestingly, they did have a good experience.

They would have loved to have continued the relationship, but they have moved to a different part of the market.

They can't justify a $1 to $2 million equity outlay anymore.

And that's all that they're... They don't want to raise a $10 million out of the gate chunk of capital.