Sanjeev

And so for a 30% GP company, 50%, 40% looks sexy.

Not sexy enough for a SaaS company.

So to make that pivot takes time.

You cannot have that overnight.

But on the same note,

You've got to have a floor, whatever your floor is.

The floor could be 50%.

The floor could be 60%.

Tell your sales team, your founding team, do not compromise if you're pivoting along the way or even trying at the ground floor, trying to establish some credibility.

Do not compromise on your GP.

You've got to have relevant GP to participate.

If you don't, then maybe you're in the wrong camp.

It indicates something's wrong with where you're playing.

Anyway, that's point two on GP.

The point three is around R&D.

I don't have a slide on it, except that, look, I mean, my CFO and I always have a conversation around, oh, my god, we're spending too much on R&D.

We just had a big failure investing in a learning management system.

Look, again, if you're venture-backed, money is cheap and easy, at least until the markets collapsed late last year.

Now capital is tight.

We all know that, right?