Beware of gross margin in the early days. That's a mistake we've made a couple of times. You know, you have a lot of businesses that in the early days have really bad gross margin.All the LLM providers were very clear examples of that. I think if that's the only thing that's holding you up in most cases, I would totally ignore it. We never lose a deal or pass on the deal because of price in the early stage.So, we've been around for 30 years. We invested 11.5% billion. We've returned close to 30 and we still ...

Market Sentiment & Investor Concerns - Early-stage investing requires capital lock-up, which many are unwilling to accept [1] - Chronic flippers are dissatisfied with vesting and lockups on capital formation launchpads [1] - The industry questions the nature of capital formation launchpads, distinguishing them from simple shitcoin launchers [1] Project Evaluation & Risk Assessment - A $400 million valuation with 0 unlocks for 12 months raises concerns [2] - Comprehensive due diligence is necessary, including reviewing the unlock schedule, market maker contract, and actual float [2] - Gathering information on Seed/Series A/Series B funding rounds is crucial for informed decision-making [2] - Vesting schedules on unfamiliar projects are less desirable in a bull market [2] Regulatory Landscape - Regulatory oversight may prevent participation in certain offerings [2]