Rory O'Driscoll

It's just, you'd have to, and you want to have a team of in triple digit number of employees.

You hope the other categories are just behind in a sense, right?

But maybe it's intrinsic to the extreme value in a very large category of software.

So I think the overall growth is the key question.

Could I just go back to one point on Cursor versus Figma?

Because I do think it's so important to founders and investors.

I think one risk is that Cursor completely displaced Figma.

We don't need it.

That's unlikely for a lot of reasons.

I think the bigger risk for so many vendors is that it maims Figma.

What does that mean, Jason?

The old customers don't leave, okay?

HubSpot and Box and even Anthropic using it, they don't leave, they renew.

They don't buy as many seats, right?

Because the team is also using Cursor.

But of course they don't churn.

The logo retention remains good, but NRR drifts down and new customers, the next generation, the kids from YC, they defer that purchase.

because they're doing enough in cursor.

And I'm seeing this across my older portfolio, that folks are maimed.

Like the existing retention's good, but the new guys are just taking enough of the new budget that your growth materially decreases.