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Pascal Levy-Garboua's avatar

Hey Sandy - congrats on yet another amazing investment. We should do more investments together with Long Journey!

Regarding the second part of your post, I have written something a bit similar to Stebbings here:

https://www.linkedin.com/posts/pascallevygarboua_the-vc-industrys-1-rule-has-changed-for-activity-7305233549199065088-TBW1

My point is that the T2D3 model never actually worked practically: great software businesses typically compound so much that through a combination of unique demand spikes and negative net churn, growth accelerates much faster at some point -and you see companies get from $1 to $5m then $15m then $40m or something.

I don't think the market can fund T2D3 in a fashion that is not too dilutive for founders or investors alike.

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Darryl Demos's avatar

Love the perspective Sandy. Thanks

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