Shardul Shah

You know, there are business models that have real capital needs, right? they can encounter two challenges. Either the founders are unable to raise significant amounts of capital or their distribution model gets in the way of allowing there to be sufficient growth to overcome the capital needs.

You know, there are business models that have real capital needs, right? they can encounter two challenges. Either the founders are unable to raise significant amounts of capital or their distribution model gets in the way of allowing there to be sufficient growth to overcome the capital needs.

And so I overestimated like uncapped market upside, underestimated the capital intensity of a company, voted in favor with high conviction on the investment, And yeah, I think one of my partners is doing a great job of finding a path to returning capital on that investment, but that's certainly not a desired outcome.

And so I overestimated like uncapped market upside, underestimated the capital intensity of a company, voted in favor with high conviction on the investment, And yeah, I think one of my partners is doing a great job of finding a path to returning capital on that investment, but that's certainly not a desired outcome.

And so I overestimated like uncapped market upside, underestimated the capital intensity of a company, voted in favor with high conviction on the investment, And yeah, I think one of my partners is doing a great job of finding a path to returning capital on that investment, but that's certainly not a desired outcome.

No. Unpack that for me. When we invested in Olivier and Alexei's Series A at Datadog, he was not a great fundraiser. Thank God he was not, right? If being a great fundraiser is defined as having multiple opportunities in a short span of time, He evolved into being a tremendous fundraiser over time, but I don't think the best founders begin as the best fundraisers.

No. Unpack that for me. When we invested in Olivier and Alexei's Series A at Datadog, he was not a great fundraiser. Thank God he was not, right? If being a great fundraiser is defined as having multiple opportunities in a short span of time, He evolved into being a tremendous fundraiser over time, but I don't think the best founders begin as the best fundraisers.

No. Unpack that for me. When we invested in Olivier and Alexei's Series A at Datadog, he was not a great fundraiser. Thank God he was not, right? If being a great fundraiser is defined as having multiple opportunities in a short span of time, He evolved into being a tremendous fundraiser over time, but I don't think the best founders begin as the best fundraisers.

I probably don't think about it as much as you. The luxury of having a seed venture and growth fund is we can build ownership over time with more capital if the company is performing. That being said, they're definitely business models like in biotech drug discovery. Those are hugely capital intensive, can have binary risk, binary scientific risk on if a

I probably don't think about it as much as you. The luxury of having a seed venture and growth fund is we can build ownership over time with more capital if the company is performing. That being said, they're definitely business models like in biotech drug discovery. Those are hugely capital intensive, can have binary risk, binary scientific risk on if a

I probably don't think about it as much as you. The luxury of having a seed venture and growth fund is we can build ownership over time with more capital if the company is performing. That being said, they're definitely business models like in biotech drug discovery. Those are hugely capital intensive, can have binary risk, binary scientific risk on if a

an actual, like a candidate becomes an asset. Those are business models that we won't participate in.

an actual, like a candidate becomes an asset. Those are business models that we won't participate in.

an actual, like a candidate becomes an asset. Those are business models that we won't participate in.

I'm not thinking about incrementally increasing my ownership. I'm building a net new investment case on can I create a fund returner? And with that, I do all the work again. So if I think about companies that I've been involved with, I've rotated shadow partners to help me with an objective view on reassessing the management team. I've redone customer calls. I've redone competitive analysis.

I'm not thinking about incrementally increasing my ownership. I'm building a net new investment case on can I create a fund returner? And with that, I do all the work again. So if I think about companies that I've been involved with, I've rotated shadow partners to help me with an objective view on reassessing the management team. I've redone customer calls. I've redone competitive analysis.

I'm not thinking about incrementally increasing my ownership. I'm building a net new investment case on can I create a fund returner? And with that, I do all the work again. So if I think about companies that I've been involved with, I've rotated shadow partners to help me with an objective view on reassessing the management team. I've redone customer calls. I've redone competitive analysis.

I've rebuilt financial models. I do all the work. Again, because I've doubled down multiple times within a year.

I've rebuilt financial models. I do all the work. Again, because I've doubled down multiple times within a year.

I've rebuilt financial models. I do all the work. Again, because I've doubled down multiple times within a year.