Doug Leone: recommendation

Transcript context

…That makes incredible stories. Thank you for sharing all of this. At the same time that you’re expanding geographically, you’re also expanding the suite of funds in each geography, right? In terms of adding the growth funds, then ultimately the global growth fund, how did you think about that decision and doing that a separate fund versus one fund together, and obviously the company needs were evolving will stay private longer and everything? The most important thing as I said is to be the first $100,000 to help that founder. Whatever we did, we understood that is the strategic part of the house. We’ve always done seeds but we’ve thought both for clarity of thought, marketing, we should do a C fund because we were starting to have a lot of C programs, such as a scout fund and a whole bunch of others we don’t really talk about. By the way, I think the world changed with Netscape (or at least it had a major change), which meant we went from being deep technology investors—when really we only invested in technology pre-Netscape—to being application [...] investing across many market segments—travel, shopping, iPhone, Internet being part of the reasons. I think what started to happen is, it’s never been cheaper to start a company I seed investing. When you’re doing deep tech investing, there’s no need for seeds. It takes you to [...] with a bit of product. Airbnb’s seed was $600,000 I think. Dropbox was $1.2 million.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.