Scott Nolan

And then maybe the next window you're doing people.

That would be my guess of what evolution could look like on that.

Wow.

Let's talk about the Founders Fund.

When did that start?

Founders Fund started in 2005.

This was, yeah, Founders Fund was originally, if you think back to venture capital in the 90s, it was very much this idea that

Hey, we should invest in the same old stuff, software companies, by the late 90s.

Well, let's talk about the 90s first.

I think the 90s were obviously dot com.

That was the big story of the 90s, where you had all the internet companies.

And ultimately, only a few of them survived, but there was this seemingly golden era in

in startups, in internet, and mostly in consumer internet, in search.

And the bubble popped early 2000s.

And by early 2000s, most of the VCs were, you know, it was extremely discouraging.

People felt like, hey, this was a one-time thing.

Did we all go crazy?

Did we have a rational exuberance?

Were we too excited about the future?

And by early 2000s, venture capital had become, I think, much more conservative to where it wasn't investing at the time in ambitious projects.