The Exchanges

Q No, I totally agree with you there. Do you want to say, because a lot of emerging managers listen to the show, what would you advise them having been through the process now with unusual? What do you wish you'd known that you now know? And what would you advise them?

A Yeah. I mean, just frankly, to embrace the process, it's going to be a volume game, especially for an emerging manager, right? Jody and I were very fortunate in that I have an established track record. He obviously is the The founder of AppDynamics, we could walk into meetings and point to, oh, he sold a company for almost four billion dollars, and I have a few billion dollars of liquid returns, so we didn't look like most of the managers. You have to accentuate your strengths and get that out right away, because just like when you hear founder pitches, those first few minutes are key. I would also say, like, pick your meetings wisely. Do these funds, whether they're fund of funds or endowments, do they have a history of backing emerging managers? Do they have an emerging manager program specifically set aside? Talk to other emerging managers and get a sense of who's Pleasant to deal with and who's incredibly difficult, right? So that you're efficient with your time and just be pragmatic about your story, right? You've got to continue to iterate. I mean, how many versions of your deck do you have here? You know, yeah, exactly. So you have to keep learning, take the market feedback and make it better and be willing to do that.

AI assessment note: “to embrace the process, it's going to be a volume game”

Q I mean, uh, I, I've been meaning to read it for many, many months, so I need to get on that. Tell me, who's the best board member that you've sat on a board with, and why?

A Andy Reckliff. I had the pleasure of sitting on the NYSERA. Participating in those board meetings was just, I, I couldn't have paid enough to learn. And the why is, his whole style is to hold up the mirror to the founder, right? The board meetings are for them, Harry. Are they taking their head out of the everyday grind and looking up, are we still taking the right hill? He would hold up the mirror and ask questions. Do we have product market fit? He knew the answers were in the team. He wasn't there to tell them what to do. He was there to make sure that they were spending enough time focusing on the strategy that they were always headed in the right direction. And his style, the way he did it, it's just the best I've ever seen.

AI assessment note: “Andy Reckliff... And the why is, his whole style is to hold up the mirror”

Q I mean, I'm so sad that this is the last question. Clearly, we'll have to do another round. But I do want to ask, what's the most recent publicly announced investment, John? And why did you get so excited?

A You know, we invested in a company called Shoot Jinko, based in Seattle, and they were the IT specialists at Starbucks that Ported Starbucks from their own data centers to using AWS. And so they built a whole product and solution based on their experience around helping companies solve compliance, SOC to compliance initially. And it's just a huge pain for everyone. So the authenticity of the founders and their experience, their knowledge about what to build. And then we had them in the academy and we just found them to be wonderful entrepreneurs, curious, humble, thoughtful, like Coachable. And so we just led the A round with Shujinko and they've made great progress in a year. You know, we just announced it.

AI assessment note: “we invested in a company called Shoot Jinko, based in Seattle”

Q incredible journey seeing Lightspeed Scale, but I do want to move now to Unusual, and the firm that you founded, incredibly exciting times, but I want to start on the name, really, because when we chatted before, you said to me you were Passionate about raising the bar in the venture industry in some core areas. So I guess, where do you feel the bar needs to be raised, John?

A Well, part of my time in the industry, I've had a chance to reflect on it now, right? When you start something new, you get a blank canvas. Few people have a chance to do that. So when Jody and I committed to doing this, we talked about from first principles, what were the things we thought we could make better in venture? Everywhere from how do we engage with entrepreneurs? How do we decide what stage to Focus on where the money should come from, composition of our team. We felt all of these things could be vastly improved, and, you know, inertia keeps most of us from living the life we want to. VC firms are no different. You know, when they're successful, their willingness to change is just, it's hard. They'll do it incrementally, but we had a chance to do it from the ground up. So, for example, most of our money comes from nonprofits. We really wanted to work for causes that we were inspired by, that our entrepreneurs are inspired by. The team is very diverse. It's half women, no compromises. We're doing that because we believe that diverse opinions actually get us to better answers, not because we want to avoid some PR buzzsaw. The way we engage with founders, it's very unusual. We decided we wanted to be incredibly hands-on, teach them things, not just give them advice, but actually get in the trenches with them and do. And so we created a whole services platform that is v…

AI assessment note: “Everywhere from how do we engage with entrepreneurs? How do we decide what stage”

Q Okay, so is that just in terms of thematic specialization? How else, or how do you see VCs being unfocused then?

A So look at what's happened. In 2008, the Kauffman report came out, and it basically said to LPs, you should only be in the top decile of VC managers. It's a fantastic asset class, but only if you're in the elite. So what happened is most of the elite then pushed it. They raised as much money as they possibly could. Which, in hindsight, shouldn't be a surprise. As a venture capitalist, what kind of animal do you have? I mean, really think about it. Entrepreneurs take all the risk in the sense that they have all their eggs in one basket. VCs are animals who have clearly chosen to take a portfolio approach. So their risk tolerance is less than a founder by having this basket. What you've now given them is a free ticket, right? Raise as much money as you possibly can if you have a good track record. The fee base goes way up. So whether the funds do a great job of returns or not, The VCs are going to make plenty of money, so it shouldn't be a surprise to anyone. They pushed the limit, and so now they went either way. They've hedged, but now they're doing multiple sectors, multiple stages, multiple geographies. They've literally diversified in all three dimensions, and they're telling the story that they think they can be best in class at all of those things. And back to your previous question, I just don't think it's possible. I think the stories are all just justifications for who …

AI assessment note: “now they're doing multiple sectors, multiple stages, multiple geographies. They've literally diversified in all three”

Q Well, that is so kind of you, but I would love to start today with a little bit on you. So, 20 years almost in the industry, but how did you make your way into the world of venture, and how did you come to found unusual today?

A Yeah, the thumbnail is, I grew up in pretty rural Georgia. I went to Harvard because they take one person from Georgia every year, and they needed a warm body for their soccer team. So with me, they got two birds, one stone. A few years after I graduated, I actually went and got a master's in computer science. I was fascinated with technology, and I ended up doing some work for a corporate VC, and this was during the dot-com boom and then the bust, and so I fell in love with this idea of working with tech companies, but to be honest with you, I felt a bit like an imposter. I just didn't have what I felt was the right level of judgment and You know, knowledge about business, and I lacked some empathy as it related to startups and founders. So I actually spent the next five years trying to solve for those two things. I joined the startup as employee number five. I worked there for a couple years doing product and sales, and then I stumbled my way into Stanford Business School. And so my dad got MS when I was a kid, and I sort of developed this habit of always seeking out coaches and teachers to help me. And Andy Ratcliffe, who was the benchmark founder, one of the four, you know, he had just retired in And he took a liking to me, and he was really a student of venture capital. I was drawn to that. And so when I was about to graduate from business school, I had been working on sta…

AI assessment note: “I ended up doing some work for a corporate VC”

Q I mean, uh, I, I've been meaning to read it for many, many months, so I need to get on that. Tell me, who's the best board member that you've sat on a board with, and why?

A Andy Reckliff. I had the pleasure of sitting on the NYSERA. Participating in those board meetings was just, I, I couldn't have paid enough to learn. And the why is, his whole style is to hold up the mirror to the founder, right? The board meetings are for them, Harry. Are they taking their head out of the everyday grind and looking up, are we still taking the right hill? He would hold up the mirror and ask questions. Do we have product market fit? He knew the answers were in the team. He wasn't there to tell them what to do. He was there to make sure that they were spending enough time focusing on the strategy that they were always headed in the right direction. And his style, the way he did it, it's just the best I've ever seen.

AI assessment note: “Andy Reckliff. I had the pleasure of sitting on the NYSERA.”

Q incredible journey seeing Lightspeed Scale, but I do want to move now to Unusual, and the firm that you founded, incredibly exciting times, but I want to start on the name, really, because when we chatted before, you said to me you were Passionate about raising the bar in the venture industry in some core areas. So I guess, where do you feel the bar needs to be raised, John?

A Well, part of my time in the industry, I've had a chance to reflect on it now, right? When you start something new, you get a blank canvas. Few people have a chance to do that. So when Jody and I committed to doing this, we talked about from first principles, what were the things we thought we could make better in venture? Everywhere from how do we engage with entrepreneurs? How do we decide what stage to Focus on where the money should come from, composition of our team. We felt all of these things could be vastly improved, and, you know, inertia keeps most of us from living the life we want to. VC firms are no different. You know, when they're successful, their willingness to change is just, it's hard. They'll do it incrementally, but we had a chance to do it from the ground up. So, for example, most of our money comes from nonprofits. We really wanted to work for causes that we were inspired by, that our entrepreneurs are inspired by. The team is very diverse. It's half women, no compromises. We're doing that because we believe that diverse opinions actually get us to better answers, not because we want to avoid some PR buzzsaw. The way we engage with founders, it's very unusual. We decided we wanted to be incredibly hands-on, teach them things, not just give them advice, but actually get in the trenches with them and do. And so we created a whole services platform that is v…

AI assessment note: “Everywhere from how do we engage with entrepreneurs? How do we decide what stage to Focus”

Q Harry, when it comes to the VC founder relationship, there needs to be a line of professionalism, and friends is not really how it should be. I find more and more that friends is the only way I can do it actually to develop that deep trust, respect, and kind of alignment. Would you agree with me? Or would you think that does need to be that line of professionalism?

A Look, I don't know that being friends doesn't mean you can't be professional, right? You have a fiduciary duty as their partner. I often get a little frustrated when I see the VCs who are only friends in the sense that they're cheerleaders, right? That what you signed up for is to be supportive and demanding. Because you want them to fulfill their potential and frankly do things they're not even maybe sure that they can do, but you want to see them succeed. That is at the heart of what you signed up to do, and sometimes that means pushing them and telling them things that are hard to hear, but that's the job. That's what you committed to doing. So you can be their friend, but sometimes being friends with someone means you tell them something that nobody else will tell them, but never cross the line of, hey, it's, you know, you have a professional duty and relationship with them. That one I would steer you away from if you feel like you ever going away from that.

AI assessment note: “I don't know that being friends doesn't mean you can't be professional”

Q the fund itself, you know, often it's sub .5%. Really, you're not going to get the GP's time that you think you will. And in terms of just kind of gross returns from that check, it's not what they're going for. And that's kind of how I always try and explain it in terms of value add and Allocation of partner time. What would be your explanation to the founders?

A Yeah, you asked that question, and Semble's response was, yes, but founders want brand. They want a global network. They raise the same amount of money or more for less dilution. That, to me, is the classic response from a VC who doesn't really understand what founders need. And I just, I'm sorry to say that in the sense that if you talk to Jyoti, right, he would tell you comically that when he needed the most help, which in the first couple of years, the VCs were hard to find. And then all of a sudden, when the thing was a rocket ship, He had everybody inviting him to things and offering him help. So founders in the first few years, they all struggle with the same things. Hiring your core team is hard. Getting your story straight and stop talking about what your product does and why it should matter in an empathetic way, it takes work. Selling those early customers and users, you don't come out of the womb knowing how to do this stuff. Most of these founders are product people, they're technologists, and they need to learn these other things. And so it's not the brand or the network that they need. They need someone to actually get in and give them real help, company building help, the brand that can come later. So I totally don't buy it. I think that the really good founders, they know how hard it is and they have the humility and the desire to learn and get the help to get t…

AI assessment note: “it's not the brand or the network that they need. They need someone to actually get in”

Q All those damn VC podcasts that glorify VC. I mean, he does that. I have to say when people say that, I'm like, this is me to blame for this one. Tell me, what do you know now that you wish you'd known at the start of your career in venture almost 20 years ago?

A Tell me if this resonates with you because of, you know, the fundraising comment. I used to believe if I could introduce people, these founders, right, to an employee or a customer or give them some eureka, oh, if you just do this, you know, you'll unlock the key, right? You know what it is? Belief. Belief is the most important thing we can give these founders. Just the way your LPs believe in you, Harry, right? In the end of the day, it's a hard job. It's lonely. Just always, always believing in them that they will get to the right answer. So they will make the right decision and you're there to support them. I wish I had known that from the beginning. And so apologies to the founders where I didn't know that and I was pushing other things when I should have been better about just believing in them.

AI assessment note: “I wish I had known that from the beginning.”

Q I mean, it's fascinating to hear. I guess my kind of subsequent question from that is, you know, it's one thing to be involved in a fundraising process at a larger firm like Lights But when it's your firm, it's a whole nother kettle of fish I've definitely found. How did you find the fundraising process, and was it what you expected, John?

A I have a lot of empathy for you here, yes. I mean, I, frankly, at Lightspeed, I didn't have much work to do. They have a team, a fantastic team, in fact, that's, uh, does a tremendous job. You just, I'd show up at the meetings, I'd go through the story, I'd talk about companies I was, you know, particularly involved with, but it was a team effort, and then the money would just show up. So, you know, when we did unusual, you own all of that, right? So from the first meetings to creating them to the slide deck and the information and managing the whole, I mean, it's, it's quite a process. So talk about empathy for founders. I think every VC should have to do it. Their empathy goes up. When you take four meetings in one day or five meetings in one day, and you've said the same thing over and over again, you realize when the founders show up and they're doing their process, boy, you should show up for the meeting on time and you better lean into it and put your phone away and pay attention because This is hard.

AI assessment note: “frankly, at Lightspeed, I didn't have much work to do... when we did unusual, you own all of that”

Q the fund itself, you know, often it's sub .5%. Really, you're not going to get the GP's time that you think you will. And in terms of just kind of gross returns from that check, it's not what they're going for. And that's kind of how I always try and explain it in terms of value add and Allocation of partner time. What would be your explanation to the founders?

A Yeah, you asked that question, and Semble's response was, yes, but founders want brand. They want a global network. They raise the same amount of money or more for less dilution. That, to me, is the classic response from a VC who doesn't really understand what founders need. And I just, I'm sorry to say that in the sense that if you talk to Jyoti, right, he would tell you comically that when he needed the most help, which in the first couple of years, the VCs were hard to find. And then all of a sudden, when the thing was a rocket ship, He had everybody inviting him to things and offering him help. So founders in the first few years, they all struggle with the same things. Hiring your core team is hard. Getting your story straight and stop talking about what your product does and why it should matter in an empathetic way, it takes work. Selling those early customers and users, you don't come out of the womb knowing how to do this stuff. Most of these founders are product people, they're technologists, and they need to learn these other things. And so it's not the brand or the network that they need. They need someone to actually get in and give them real help, company building help, the brand that can come later. So I totally don't buy it. I think that the really good founders, they know how hard it is and they have the humility and the desire to learn and get the help to get t…

AI assessment note: “They need someone to actually get in and give them real help, company building help”

Q engagement there, I think we're both Very human-centric VCs, actually, and so a big one for me that I'm trying to think through now is how do I build an environment of safety with the founder where they feel they can come to me with anything, and this could be in the board level or outside the board. How do you think about that, and what would you advise me?

A You had asked one of your guests about are you company first or founder first. One of the things that's like a tenant of unusual is we are founders first, right, and I think that the nuance is That doesn't mean we're not company first. It's not an either or. So look, Harry, you seem like a very genuine human being. It's very simple. Do unto others. Put yourself in their shoes. What would you want someone, how would you want them to treat you, right? If you do that from the very beginning, even if it's something as simple as like helping them find an office admin, really being empathetic to what they're going through, having a counseling session where you just listen to them kind of vent because it's a hard, hard thing you're doing. You got to build that goodwill early on, and you do that by just always putting them ahead of yourself and your fund, right? You think about their needs. If you do that, they will pick up on that. They will begin to trust you. I also think you said it early, be vulnerable. Tell them about the things that are hard in your own life. You're not Superman, so be open with them about that. They'll be open with you.

AI assessment note: “You got to build that goodwill early on, and you do that by just always”

Q Harry, when it comes to the VC founder relationship, there needs to be a line of professionalism, and friends is not really how it should be. I find more and more that friends is the only way I can do it actually to develop that deep trust, respect, and kind of alignment. Would you agree with me? Or would you think that does need to be that line of professionalism?

A Look, I don't know that being friends doesn't mean you can't be professional, right? You have a fiduciary duty as their partner. I often get a little frustrated when I see the VCs who are only friends in the sense that they're cheerleaders, right? That what you signed up for is to be supportive and demanding. Because you want them to fulfill their potential and frankly do things they're not even maybe sure that they can do, but you want to see them succeed. That is at the heart of what you signed up to do, and sometimes that means pushing them and telling them things that are hard to hear, but that's the job. That's what you committed to doing. So you can be their friend, but sometimes being friends with someone means you tell them something that nobody else will tell them, but never cross the line of, hey, it's, you know, you have a professional duty and relationship with them. That one I would steer you away from if you feel like you ever going away from that.

AI assessment note: “I don't know that being friends doesn't mean you can't be professional”

Q Well, that is so kind of you, but I would love to start today with a little bit on you. So, 20 years almost in the industry, but how did you make your way into the world of venture, and how did you come to found unusual today?

A Yeah, the thumbnail is, I grew up in pretty rural Georgia. I went to Harvard because they take one person from Georgia every year, and they needed a warm body for their soccer team. So with me, they got two birds, one stone. A few years after I graduated, I actually went and got a master's in computer science. I was fascinated with technology, and I ended up doing some work for a corporate VC, and this was during the dot-com boom and then the bust, and so I fell in love with this idea of working with tech companies, but to be honest with you, I felt a bit like an imposter. I just didn't have what I felt was the right level of judgment and You know, knowledge about business, and I lacked some empathy as it related to startups and founders. So I actually spent the next five years trying to solve for those two things. I joined the startup as employee number five. I worked there for a couple years doing product and sales, and then I stumbled my way into Stanford Business School. And so my dad got MS when I was a kid, and I sort of developed this habit of always seeking out coaches and teachers to help me. And Andy Ratcliffe, who was the benchmark founder, one of the four, you know, he had just retired in And he took a liking to me, and he was really a student of venture capital. I was drawn to that. And so when I was about to graduate from business school, I had been working on sta…

AI assessment note: “ended up doing some work for a corporate VC, and this was during the dot-com boom”

Q Can I ask, in terms of that day-to-day interaction, in terms of that getting involved at the weeds, how does that differ between company builder versus private investor? What does that look like? How do their engagements differ? How do their communication style differ? What's the difference?

A Yeah, so when Jody and I first started Unusual, he was a year into building Harness, right, his second company. And even though, Harry, he's the kind of founder that you could walk down the streets in San Francisco and people try to take selfies with him, Like, he's that, he's kind of that well-known. He would tell you, it's really hard. These things I'm talking about, hiring your early team, getting your story straight, selling, like, it's not easy, even if you're, you know, got the reputation and credibility that he does. So what we said is, let's innovate on the model. The way Andreessen did, you know, 1011 years ago, where they have event briefings and recruiting. Remember, they're introducing you to CIOs and VP-level people. That's not what you need in the first two years. Jody's first few customers weren't From selling to CIOs. They were selling to managers and users. He wasn't recruiting C-level people. He was recruiting core engineers. So our engagement is very hands-on. We have operators who spend time. They literally have desks at the companies where they make these commitments to help the business achieve these very concrete deliverables so that they get to product market fit. And then the founders can hire much higher caliber people. They could never hire the people We give them because who would join a four person company? It's really hard. It doesn't, you don't ma…

AI assessment note: “our engagement is very hands-on... You contrast that with a multi-stage firm”

Q I mean, it's fascinating to hear. I guess my kind of subsequent question from that is, you know, it's one thing to be involved in a fundraising process at a larger firm like Lights But when it's your firm, it's a whole nother kettle of fish I've definitely found. How did you find the fundraising process, and was it what you expected, John?

A I have a lot of empathy for you here, yes. I mean, I, frankly, at Lightspeed, I didn't have much work to do. They have a team, a fantastic team, in fact, that's, uh, does a tremendous job. You just, I'd show up at the meetings, I'd go through the story, I'd talk about companies I was, you know, particularly involved with, but it was a team effort, and then the money would just show up. So, you know, when we did unusual, you own all of that, right? So from the first meetings to creating them to the slide deck and the information and managing the whole, I mean, it's, it's quite a process. So talk about empathy for founders. I think every VC should have to do it. Their empathy goes up. When you take four meetings in one day or five meetings in one day, and you've said the same thing over and over again, you realize when the founders show up and they're doing their process, boy, you should show up for the meeting on time and you better lean into it and put your phone away and pay attention because This is hard.

AI assessment note: “it's, it's quite a process. So talk about empathy for founders.”

Q Can I ask, in terms of that day-to-day interaction, in terms of that getting involved at the weeds, how does that differ between company builder versus private investor? What does that look like? How do their engagements differ? How do their communication style differ? What's the difference?

A Yeah, so when Jody and I first started Unusual, he was a year into building Harness, right, his second company. And even though, Harry, he's the kind of founder that you could walk down the streets in San Francisco and people try to take selfies with him, Like, he's that, he's kind of that well-known. He would tell you, it's really hard. These things I'm talking about, hiring your early team, getting your story straight, selling, like, it's not easy, even if you're, you know, got the reputation and credibility that he does. So what we said is, let's innovate on the model. The way Andreessen did, you know, 1011 years ago, where they have event briefings and recruiting. Remember, they're introducing you to CIOs and VP-level people. That's not what you need in the first two years. Jody's first few customers weren't From selling to CIOs. They were selling to managers and users. He wasn't recruiting C-level people. He was recruiting core engineers. So our engagement is very hands-on. We have operators who spend time. They literally have desks at the companies where they make these commitments to help the business achieve these very concrete deliverables so that they get to product market fit. And then the founders can hire much higher caliber people. They could never hire the people We give them because who would join a four person company? It's really hard. It doesn't, you don't ma…

AI assessment note: “our engagement is very hands-on. We have operators who spend time.”

Q If we take them though, like founders fund, multi-stage, multi-geo, and thematically agnostic. Benchmark now absolutely with you on the constrained fund size, but nine deals they've done in the most recent fund have been in Europe. And they, to be fair, you're right in terms of stage. They're very much aligned to where they always have been, but definitely thematically agnostic. Do you know what I mean?

A It's a fair point. I mean, I didn't know the data on the European investment. So I would suspect those companies look very much like the ones that they've done in the past. Zendesk or others where there's clear product market fit. And there's momentum, and Benchmark's a fantastic partner for those. They have a lot of experience working with companies like that, so not to dive too deeply specifically. Look, I think Sequoia is an anomaly. Operating a VC firm the way they have on a global basis, it's unbelievable. I think a lot of firms are trying to emulate that, and I'm not so sure others can pull it off. I don't know Founders Fund's data. It sounds like you do, so maybe it's another case in point.

AI assessment note: “It's a fair point. I mean, I didn't know the data on the European investment.”

Q If we take them though, like founders fund, multi-stage, multi-geo, and thematically agnostic. Benchmark now absolutely with you on the constrained fund size, but nine deals they've done in the most recent fund have been in Europe. And they, to be fair, you're right in terms of stage. They're very much aligned to where they always have been, but definitely thematically agnostic. Do you know what I mean?

A It's a fair point. I mean, I didn't know the data on the European investment. So I would suspect those companies look very much like the ones that they've done in the past. Zendesk or others where there's clear product market fit. And there's momentum, and Benchmark's a fantastic partner for those. They have a lot of experience working with companies like that, so not to dive too deeply specifically. Look, I think Sequoia is an anomaly. Operating a VC firm the way they have on a global basis, it's unbelievable. I think a lot of firms are trying to emulate that, and I'm not so sure others can pull it off. I don't know Founders Fund's data. It sounds like you do, so maybe it's another case in point.

AI assessment note: “It's a fair point. I mean, I didn't know the data on the European investment.”

Q Okay, so is that just in terms of thematic specialization? How else, or how do you see VCs being unfocused then?

A So look at what's happened. In 2008, the Kauffman report came out, and it basically said to LPs, you should only be in the top decile of VC managers. It's a fantastic asset class, but only if you're in the elite. So what happened is most of the elite then pushed it. They raised as much money as they possibly could. Which, in hindsight, shouldn't be a surprise. As a venture capitalist, what kind of animal do you have? I mean, really think about it. Entrepreneurs take all the risk in the sense that they have all their eggs in one basket. VCs are animals who have clearly chosen to take a portfolio approach. So their risk tolerance is less than a founder by having this basket. What you've now given them is a free ticket, right? Raise as much money as you possibly can if you have a good track record. The fee base goes way up. So whether the funds do a great job of returns or not, The VCs are going to make plenty of money, so it shouldn't be a surprise to anyone. They pushed the limit, and so now they went either way. They've hedged, but now they're doing multiple sectors, multiple stages, multiple geographies. They've literally diversified in all three dimensions, and they're telling the story that they think they can be best in class at all of those things. And back to your previous question, I just don't think it's possible. I think the stories are all just justifications for who …

AI assessment note: “now they're doing multiple sectors, multiple stages, multiple geographies. They've literally diversified”

Q Now, I do get you in terms of kind of that rapidity and speed. In terms of the LP diversity, I absolutely love that. Can I ask, do you think there's a time horizon where you feel this desire from the manager itself will become standard?

A Oh boy, Harry, I hope so. I mean, that's one of the things we really hope to change in the industry. But back to your last question, one of the challenges is, VCs tend to stay with their existing relationships, so there often isn't a lot of room, candidly, for new LPs. You combine that with the fact that some of the LPs that we went to, some of the historically black colleges or foundations, they don't employ highly paid chief investment officers, so therefore they don't have a staff that's very sophisticated when it comes to knowing which managers to get into and selecting them. Those who do have those sophisticated investment managers, they're very quick to move. They know who the managers are, they make it easy for the VCs, and so the VCs just stay with those relationships and keep moving forward. So we had to go and do a little extra work, a lot of work in some cases, to convince them these off-the-beaten-path LPs to come work with Unusual, because we wanted to open the asset class and the best of it to schools and hospitals and foundations that should be getting the wealth creation that VC provides, but they just weren't.

AI assessment note: “But back to your last question, one of the challenges is”

Q Now, I do get you in terms of kind of that rapidity and speed. In terms of the LP diversity, I absolutely love that. Can I ask, do you think there's a time horizon where you feel this desire from the manager itself will become standard?

A Oh boy, Harry, I hope so. I mean, that's one of the things we really hope to change in the industry. But back to your last question, one of the challenges is, VCs tend to stay with their existing relationships, so there often isn't a lot of room, candidly, for new LPs. You combine that with the fact that some of the LPs that we went to, some of the historically black colleges or foundations, they don't employ highly paid chief investment officers, so therefore they don't have a staff that's very sophisticated when it comes to knowing which managers to get into and selecting them. Those who do have those sophisticated investment managers, they're very quick to move. They know who the managers are, they make it easy for the VCs, and so the VCs just stay with those relationships and keep moving forward. So we had to go and do a little extra work, a lot of work in some cases, to convince them these off-the-beaten-path LPs to come work with Unusual, because we wanted to open the asset class and the best of it to schools and hospitals and foundations that should be getting the wealth creation that VC provides, but they just weren't.

AI assessment note: “Oh boy, Harry, I hope so... But back to your last question”