In emerging markets, they raise at lower valuations. And so here's why Combinator saying we're going to put this money. We're going to make that bet. So it's a intellectually dishonest argument or a poorly constructed one. Let's keep talking about startups. Now let's move on to an a possible exit via IPO at least. Do you consider an IPO to be an exit? This is a little, this is a lot of baby VC here, but it seems that there is debate about this question.

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