The Industrialization of Venture Capital

Jay Cal: There's a view that venture capital at the end of the day is a pretty fragmented craft industry. The SoftBank experience was a very, was and continues to be a very important one first. And we participated in that where potentially capital was a moat. It didn't play out in many other cases that we thought of it. So I don't believe that thesis holds anymore in the world we operate in today. Some of these companies might not require the significant amount of capital. This is the key point. We have committed a million dollars to small emerging managers. Because these smaller emerging managers can provide us insight and signal and understanding and triangulation that potentially maybe these larger

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