David Frankel

Too kind.

Too kind.

Too kind.

Well, I think you have to have that economic alignment to start off with. So I don't think you should ever take a board seat where you own too small a percentage or the size of that potential outcome vis-a-vis your fund is too small. So I really think you have to have that economic alignment because it means every time you sit down, it's like us.

Well, I think you have to have that economic alignment to start off with. So I don't think you should ever take a board seat where you own too small a percentage or the size of that potential outcome vis-a-vis your fund is too small. So I really think you have to have that economic alignment because it means every time you sit down, it's like us.

Well, I think you have to have that economic alignment to start off with. So I don't think you should ever take a board seat where you own too small a percentage or the size of that potential outcome vis-a-vis your fund is too small. So I really think you have to have that economic alignment because it means every time you sit down, it's like us.

Look, if you kick off and you own on a board less than 15% of that company, I think it's problematic. Certainly in terms of our fund structure, the capital and the cash is infinite in a way, or has been in this era. Your time is not infinite. And at some point, you're gonna think very seriously about your time. To be patient, you need that economic alignment with the founder.

Look, if you kick off and you own on a board less than 15% of that company, I think it's problematic. Certainly in terms of our fund structure, the capital and the cash is infinite in a way, or has been in this era. Your time is not infinite. And at some point, you're gonna think very seriously about your time. To be patient, you need that economic alignment with the founder.

Look, if you kick off and you own on a board less than 15% of that company, I think it's problematic. Certainly in terms of our fund structure, the capital and the cash is infinite in a way, or has been in this era. Your time is not infinite. And at some point, you're gonna think very seriously about your time. To be patient, you need that economic alignment with the founder.

So if the founder owns 95% and you own 5%, problematic. Every time you sit down, you go like, I'm working for this guy. de facto. If there is more alignment in terms of ownership, then I think it works better. Harry, if things are going like ballistically, then it doesn't matter. So that always breaks the rules. I'm talking about 99% of the time. You've got to sit down and go, it's our company.

So if the founder owns 95% and you own 5%, problematic. Every time you sit down, you go like, I'm working for this guy. de facto. If there is more alignment in terms of ownership, then I think it works better. Harry, if things are going like ballistically, then it doesn't matter. So that always breaks the rules. I'm talking about 99% of the time. You've got to sit down and go, it's our company.

So if the founder owns 95% and you own 5%, problematic. Every time you sit down, you go like, I'm working for this guy. de facto. If there is more alignment in terms of ownership, then I think it works better. Harry, if things are going like ballistically, then it doesn't matter. So that always breaks the rules. I'm talking about 99% of the time. You've got to sit down and go, it's our company.

We're in this together.

We're in this together.

We're in this together.

We don't think about dilution much. We really don't. Our MO has been we dilute alongside the founder. As a seed stage fund, we get involved at the beginning and it's been a strategy and we don't think about dilution. We think about time and we love the alignment of coming in very early and hopefully being economically aligned with the founder.

We don't think about dilution much. We really don't. Our MO has been we dilute alongside the founder. As a seed stage fund, we get involved at the beginning and it's been a strategy and we don't think about dilution. We think about time and we love the alignment of coming in very early and hopefully being economically aligned with the founder.

We don't think about dilution much. We really don't. Our MO has been we dilute alongside the founder. As a seed stage fund, we get involved at the beginning and it's been a strategy and we don't think about dilution. We think about time and we love the alignment of coming in very early and hopefully being economically aligned with the founder.

And then it's the exact same strategy, exact same thinking is we'll dilute alongside the founder. By the way, I can't afford in my fund If I've done my job right and you are, you know, raising your next set of capital at 3x or 4x, I just can't afford to actually maintain my percentage ownership.

And then it's the exact same strategy, exact same thinking is we'll dilute alongside the founder. By the way, I can't afford in my fund If I've done my job right and you are, you know, raising your next set of capital at 3x or 4x, I just can't afford to actually maintain my percentage ownership.