Scott Nolan

And if the founder's not so good, maybe the company will fail.

But to achieve like really industry changing companies, you need that founder mentality behind.

Here's what we're doing.

Here's why we're doing it.

And every decision is going to be aligned with doing that, even if it doesn't optimize for the quarterly number.

And so Founders Fund started at 05.

Initially backed a lot of different founders out of the PayPal network.

So a lot of consumer internet things early on.

One of the first

big bets was actually Facebook, but a bunch of other ones as well.

Spotify was an early investment.

Then I think the first incubation happened mid to late 2000s, originally within Peter's office, Palantir.

And Palantir was really a response to the terrorist attacks on 9-11, where the conversation after that between policymakers was really, are we going to have safety or are we going to have security?

And I think you had Shyam on recently on a podcast.

I think he talked about this, but this concept of trade-offs by policymakers, Palantir was there to solve where it said, well, we have this trade-off sphere or this efficient frontier that we can trade between.

Do we want safety or do we want privacy?

And Palantir said, no, we don't need to make that choice.

We can do technology that does both.

And so that was really the first incubation by the Founders Fund team to say, let's actually solve a national security problem through technology and let's work with the government really closely to build out the tools that are going to help us trade information between different departments in a really secure way with privacy controls and make sure that something like 9-11 never happens again.

So yeah, Founders Fund started transitioning from maybe more of the consumer internet sort of world coming out of the PayPal experience in 2005 to then by, you know, helping incubate, pull together the Palantir team.