David Frankel

Yeah. I mean, we were in at the beginning of PillPack, right?

Yeah. I mean, we were in at the beginning of PillPack, right?

Yeah. I mean, we were in at the beginning of PillPack, right?

Entrepreneurs need to do the math on that as well. Entrepreneurs need to be doing the math on that. It goes back to our point is, if you take 20 million from a billion-dollar fund, do you move the needle for that? What does it take for you to move the needle there?

Entrepreneurs need to do the math on that as well. Entrepreneurs need to be doing the math on that. It goes back to our point is, if you take 20 million from a billion-dollar fund, do you move the needle for that? What does it take for you to move the needle there?

Entrepreneurs need to do the math on that as well. Entrepreneurs need to be doing the math on that. It goes back to our point is, if you take 20 million from a billion-dollar fund, do you move the needle for that? What does it take for you to move the needle there?

And if entrepreneurs get a $10 million check from XYZ large-scale fund, and a partner doesn't join the board, that is not a good signal. I think if a partner says, I'm putting in $5 million and I'm joining your board, right? Like everybody goes like, you know, multi-stage firms or a seed. I think there are other ways.

And if entrepreneurs get a $10 million check from XYZ large-scale fund, and a partner doesn't join the board, that is not a good signal. I think if a partner says, I'm putting in $5 million and I'm joining your board, right? Like everybody goes like, you know, multi-stage firms or a seed. I think there are other ways.

And if entrepreneurs get a $10 million check from XYZ large-scale fund, and a partner doesn't join the board, that is not a good signal. I think if a partner says, I'm putting in $5 million and I'm joining your board, right? Like everybody goes like, you know, multi-stage firms or a seed. I think there are other ways.

If a partner at a multi-stage firm, billion dollar firm says to Harry, five on 20, and I'm going to join your board, I would say that's a strong signal. That's very tough for me to compete against. They're saying to you, I'm going to spend time here.

If a partner at a multi-stage firm, billion dollar firm says to Harry, five on 20, and I'm going to join your board, I would say that's a strong signal. That's very tough for me to compete against. They're saying to you, I'm going to spend time here.

If a partner at a multi-stage firm, billion dollar firm says to Harry, five on 20, and I'm going to join your board, I would say that's a strong signal. That's very tough for me to compete against. They're saying to you, I'm going to spend time here.

But some of them show up. Some of them show up. And I just want to give credit where credit's due. There are people who show up. Then there are people who are very disciplined and say, like, I'm not investing. Again, percentage of the fund and what it takes to return that fund is very indicative of whether you'll get time or not.

But some of them show up. Some of them show up. And I just want to give credit where credit's due. There are people who show up. Then there are people who are very disciplined and say, like, I'm not investing. Again, percentage of the fund and what it takes to return that fund is very indicative of whether you'll get time or not.

But some of them show up. Some of them show up. And I just want to give credit where credit's due. There are people who show up. Then there are people who are very disciplined and say, like, I'm not investing. Again, percentage of the fund and what it takes to return that fund is very indicative of whether you'll get time or not.

Yeah. I think for entrepreneurs and for LPs, size of fund, check in company versus size of fund tells you everything.

Yeah. I think for entrepreneurs and for LPs, size of fund, check in company versus size of fund tells you everything.

Yeah. I think for entrepreneurs and for LPs, size of fund, check in company versus size of fund tells you everything.

They are dialed back. They've dialed back a little. But I think they'll always go, look, we have to have 1% or 2% or 3% in VC. Oh, way more. Or more. So I'm going minimum. Absolutely. Totally. If you look at the Swanson model, VCP, it was more like 30%.

They are dialed back. They've dialed back a little. But I think they'll always go, look, we have to have 1% or 2% or 3% in VC. Oh, way more. Or more. So I'm going minimum. Absolutely. Totally. If you look at the Swanson model, VCP, it was more like 30%.