"I would argue, if you as a founder don't need to raise money for at least 12 months, you're probably better off building, because your company will be worth so much more 12 months from now relative to what the market may do in the intervening period. If you need to raise money six months from now, you should probably accelerate your fundraising timeline to today, because the market is just very healthy and I think there's a good chance the market may not be as healthy in six months."
"We are more mammalian than reptilian. We don't lay 100 eggs and see what happens. We have a small number, just like mammals give birth to a small number of offspring, and need to give them a lot of attention."
"I'm a libertarian free market thinker by nature. I think industrial policy generally only has a place if it's in response to things that are of national interest. So the only reason the U.S. is resorting to this is because we have other nation states with whom we compete who are using industrial policies to further their industries that are strategic and maybe adverse to the U.S.'s long-term interests."
Sequoia announced two new funds: a $200 million seed fund and a $750 million venture fund. Founders who do not need to raise money for at least 12 months should focus on building because company valuations will likely be higher after that period. Founders who need funding within six months should accelerate fundraising now due to current market health and a potential near-term downturn. The investment approach emphasizes supporting a small number of companies intensively, likened to mammals versus reptiles. Industrial policy is framed as appropriate only when national strategic interests are threatened by competing states' policies.
Read at Fortune
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