Winston Weinberg

And if those things come true, they start to really trust you and they start to believe you.

And then when you go out to do that fundraising process, it can happen in 12 hours.

You don't need to make tons of materials.

You don't need to go out and do this massive, massive process.

The problem with this is you're then not optimizing price.

So that is assuming that you are not trying to optimize price.

What you are trying to optimize is partner.

It's much more targeted.

You're basically targeting a group of people and you're saying, these are the people I want to work with and I want to gain their trust and then they'll invest in me versus I'm going into the market, I'm doing this massive competitive process and I want to maximize price.

That's good.

I think it really depends on who you get.

I'll give you an example of something that I haven't trusted VCs as much with, and I think I've been right in some instances, wrong in others, is hiring.

The areas I've been wrong the most in is when to hire a more senior exec.

The VCs have been right.

My partners are right.

They've been right.

I took too long to hire senior execs in some instances, and it caused us problems.

It created competitors when there shouldn't have been competitors, things like that.

The thing that I think they've been wrong about is who to hire.

And I think sometimes the problem that VCs have is they're managed up.