Shardul Shah

Little nuance. I'm a liberal arts graduate from University of Chicago. So I believe in concentrations, not majors. That being said, yeah, I kind of fell into cyber. One of the areas I actually started in at Index was biotech. So I think there's a lot of utility in each of the three competencies that you think about, like selection,

Little nuance. I'm a liberal arts graduate from University of Chicago. So I believe in concentrations, not majors. That being said, yeah, I kind of fell into cyber. One of the areas I actually started in at Index was biotech. So I think there's a lot of utility in each of the three competencies that you think about, like selection,

you know, winning and supporting by having some amount of focus, especially for me, but similarly at index, I wouldn't recommend this to the vast majority of investors. Each of us is stage agnostic, right? We're investing at seed venture and growth stages. The vast majority of investors on the planet specialize by stage.

you know, winning and supporting by having some amount of focus, especially for me, but similarly at index, I wouldn't recommend this to the vast majority of investors. Each of us is stage agnostic, right? We're investing at seed venture and growth stages. The vast majority of investors on the planet specialize by stage.

you know, winning and supporting by having some amount of focus, especially for me, but similarly at index, I wouldn't recommend this to the vast majority of investors. Each of us is stage agnostic, right? We're investing at seed venture and growth stages. The vast majority of investors on the planet specialize by stage.

Starting point is actually the same across stages, right? It's all about the founders. Like there's this canonical question, I think, in our industry. Is it the market or is it the team, right? And many great firms would argue that it's market. In my view, it's very clearly the team.

Starting point is actually the same across stages, right? It's all about the founders. Like there's this canonical question, I think, in our industry. Is it the market or is it the team, right? And many great firms would argue that it's market. In my view, it's very clearly the team.

Starting point is actually the same across stages, right? It's all about the founders. Like there's this canonical question, I think, in our industry. Is it the market or is it the team, right? And many great firms would argue that it's market. In my view, it's very clearly the team.

And as a consequence, when you're trying to think about even paying high prices at late stage businesses, you're still fundamentally taking a view that that team will find adjacent market opportunities. Over time and so the in some sense the plasticity required to evaluate a team at stage is not a requirement How has what you love to see in founders changed over time?

And as a consequence, when you're trying to think about even paying high prices at late stage businesses, you're still fundamentally taking a view that that team will find adjacent market opportunities. Over time and so the in some sense the plasticity required to evaluate a team at stage is not a requirement How has what you love to see in founders changed over time?

And as a consequence, when you're trying to think about even paying high prices at late stage businesses, you're still fundamentally taking a view that that team will find adjacent market opportunities. Over time and so the in some sense the plasticity required to evaluate a team at stage is not a requirement How has what you love to see in founders changed over time?

Oh, interesting. I'll try to think more about that. Look, I mean, if I step back, you know, in our industry, there's clearly a power law. Bill Gurley has talked about this at early stages. Lafont did a good job at East Meets West, bringing real attention to how seven companies are driving the returns in public market indexes. So the power law exists, I think, at every stage. That's a pattern.

Oh, interesting. I'll try to think more about that. Look, I mean, if I step back, you know, in our industry, there's clearly a power law. Bill Gurley has talked about this at early stages. Lafont did a good job at East Meets West, bringing real attention to how seven companies are driving the returns in public market indexes. So the power law exists, I think, at every stage. That's a pattern.

Oh, interesting. I'll try to think more about that. Look, I mean, if I step back, you know, in our industry, there's clearly a power law. Bill Gurley has talked about this at early stages. Lafont did a good job at East Meets West, bringing real attention to how seven companies are driving the returns in public market indexes. So the power law exists, I think, at every stage. That's a pattern.

When it comes to patterns of selection and patterns within people, the only pattern is there is no pattern. Now, to your question of what has evolved, I think I've become much more conscious of two components of my decision making. One is intuition. And the second is an analytical framework. And venture is a craft, and so you're constantly refining it.

When it comes to patterns of selection and patterns within people, the only pattern is there is no pattern. Now, to your question of what has evolved, I think I've become much more conscious of two components of my decision making. One is intuition. And the second is an analytical framework. And venture is a craft, and so you're constantly refining it.

When it comes to patterns of selection and patterns within people, the only pattern is there is no pattern. Now, to your question of what has evolved, I think I've become much more conscious of two components of my decision making. One is intuition. And the second is an analytical framework. And venture is a craft, and so you're constantly refining it.

And intuition, I have a harder time kind of putting to words. You know, it's a feeling. I know it when I see it. My partners definitely know it when they see it in me. But that intuition and conviction has definitely evolved and grown.

And intuition, I have a harder time kind of putting to words. You know, it's a feeling. I know it when I see it. My partners definitely know it when they see it in me. But that intuition and conviction has definitely evolved and grown.

And intuition, I have a harder time kind of putting to words. You know, it's a feeling. I know it when I see it. My partners definitely know it when they see it in me. But that intuition and conviction has definitely evolved and grown.