Are You Investing in a Company?

Two thirds of the companies that you invest in, roughly, i think, ive read you're the first investor. Were worh focus clearly on much later stage companies, and especially owning those mature compounder. How much is it about people, product an how much are you thinking about what the economics look like at maturity? What does the world look like at your very early stage? Andso for each type of business model, there's a different set of criteria that you might be looking for on those very early stages.