David Frankel

You know, if I'm writing a 100K check, I've got to be very open to that founder and saying, look, like this is the other side of the spectrum to me being on your board. But if I'm on your board, I can't write a 100K check. I can't write a 500K check anymore because you need my time and you need my interest. And this goes back to alignment.

You know, if I'm writing a 100K check, I've got to be very open to that founder and saying, look, like this is the other side of the spectrum to me being on your board. But if I'm on your board, I can't write a 100K check. I can't write a 500K check anymore because you need my time and you need my interest. And this goes back to alignment.

And so we've got to be we've got to have some kind of economic alignment. We've got to have some kind of outcome where, you know, you sell the business for 100 million, which is moonshot, as you know. And, you know, you make 50 million, but I make, you know, a million even. What does that mean to a, you know, $85 million fund?

And so we've got to be we've got to have some kind of economic alignment. We've got to have some kind of outcome where, you know, you sell the business for 100 million, which is moonshot, as you know. And, you know, you make 50 million, but I make, you know, a million even. What does that mean to a, you know, $85 million fund?

And so we've got to be we've got to have some kind of economic alignment. We've got to have some kind of outcome where, you know, you sell the business for 100 million, which is moonshot, as you know. And, you know, you make 50 million, but I make, you know, a million even. What does that mean to a, you know, $85 million fund?

I think some founders still see a name in lights and they go, I want that name beyond anything. If it's Sequoia, A16Z, Accel, you name it, I want that name. And I think there will always be a steady supply of founders who think that way.

I think some founders still see a name in lights and they go, I want that name beyond anything. If it's Sequoia, A16Z, Accel, you name it, I want that name. And I think there will always be a steady supply of founders who think that way.

I think some founders still see a name in lights and they go, I want that name beyond anything. If it's Sequoia, A16Z, Accel, you name it, I want that name. And I think there will always be a steady supply of founders who think that way.

I don't think they understand that you're gonna, the one in 10, if you're lucky, and those stats are probably not even right, one in 10 get funded, otherwise you're orphaned or you're in a world of hurt because someone that the world thought was like, very, very serious and very smart about. You just said no to you. Go try sell against that. I think it's very, very difficult.

I don't think they understand that you're gonna, the one in 10, if you're lucky, and those stats are probably not even right, one in 10 get funded, otherwise you're orphaned or you're in a world of hurt because someone that the world thought was like, very, very serious and very smart about. You just said no to you. Go try sell against that. I think it's very, very difficult.

I don't think they understand that you're gonna, the one in 10, if you're lucky, and those stats are probably not even right, one in 10 get funded, otherwise you're orphaned or you're in a world of hurt because someone that the world thought was like, very, very serious and very smart about. You just said no to you. Go try sell against that. I think it's very, very difficult.

To our earlier point, those founders come back to us and they say, like, I was orphaned. They don't understand that 90% don't get follow on funding.

To our earlier point, those founders come back to us and they say, like, I was orphaned. They don't understand that 90% don't get follow on funding.

To our earlier point, those founders come back to us and they say, like, I was orphaned. They don't understand that 90% don't get follow on funding.

You know, there have been times where we didn't break the rules for the best of reasons. The first thing that comes to mind is like Pinterest. The founders came to us and we had a conflict. We had a very strong associate in Zach Klein, who is the chairman of supply. We'd invested in supply. We couldn't make the investment.

You know, there have been times where we didn't break the rules for the best of reasons. The first thing that comes to mind is like Pinterest. The founders came to us and we had a conflict. We had a very strong associate in Zach Klein, who is the chairman of supply. We'd invested in supply. We couldn't make the investment.

You know, there have been times where we didn't break the rules for the best of reasons. The first thing that comes to mind is like Pinterest. The founders came to us and we had a conflict. We had a very strong associate in Zach Klein, who is the chairman of supply. We'd invested in supply. We couldn't make the investment.

I look back and then I go like, how, you know, if you look at that outcome, you go like, how could we have, but we didn't break the rules. And I think there's like financial rules. And then I think there are rules of like loyalty and partnership where you go, that's my name on the door. And I cannot break, those are just unbreakable rules.

I look back and then I go like, how, you know, if you look at that outcome, you go like, how could we have, but we didn't break the rules. And I think there's like financial rules. And then I think there are rules of like loyalty and partnership where you go, that's my name on the door. And I cannot break, those are just unbreakable rules.

I look back and then I go like, how, you know, if you look at that outcome, you go like, how could we have, but we didn't break the rules. And I think there's like financial rules. And then I think there are rules of like loyalty and partnership where you go, that's my name on the door. And I cannot break, those are just unbreakable rules.