...stages. One is the first phase is where they have not really even decided to be a founder. I just think they're high quality, and I'm hoping that they will get there one day. The second phase is kind of the founder curious phase, and this is a really

...earlier stages of seed firms fall down on the winning. That at the same time, if you get there early enough, it's less competitive. And so winning is less important. You ideally want to be competing against time and the founder's timeline of when the