Roelof Botha

What we've decided to do is for the companies that we believe have the ability to compound longer term, we have a different fund structure.

And so 6, 12, 18 months after the IPO, we can move those shares into this fund called the Sequoia Capital Fund.

And this now becomes the vehicle through which we fund all our next underlying investment vehicles.

Now, to give you a sense, since we launched this three and a half years ago, we've accumulated another $6.7 billion in gains by doing nothing except being patient.

$6.7 billion in gains that our LPs would not have seen if we had just distributed those shares outright.

One of the things for us is that, I mean, in most of these cases, we're involved with these companies literally at inception.

I mean, Palo Alto Networks was incubated inside our office with one founder and my partner, Jim Getz.

So we've known these companies since the earliest of days.

Why should that relationship end at the IPO?

And in most of these cases, as you pointed out, the founders are still there, and there's so much more innovation taking place.

One of Jack Dorsey's favorite quotes to me was, companies have multiple founding moments.

And so when you're in a company where the founder keeps reinventing the business, in a company like Square, half the revenue today comes from a product called Cash App that hadn't launched for the first five years in the company's life.

And so if you can find these companies, these special companies where the founders keep pushing the boundary on innovation and they are relentless, then it works.

Don't remind me.

Hard to say.

I think a lot of credit should go to Google for the way that they managed YouTube after the acquisition, both in the resources they provided, the leadership, and they've enabled it to thrive.

Yes, Don pulled me aside in the early days when I joined Sequoia and he said, 2x2 matrix, people are exceptional, not exceptional, easy to get along with, not so easy to get along with.

Roloff, we normally make money in one of those four quadrants.

Your job is to figure out which one.

These people change the world.