We primarily invest at Seed and Series A stages, so this interview with Aydin Senkut at Felicis Ventures is very relevant to our business. At the seed stage it is often about making the first steps to prove that you can grow, and grow fast. When it comes to Series A you need to be able to show that the fast growth is not at the expense of a viable economic model. 

We spend a lot of our time with companies focusing on their unit economics, and this is a critical discipline. As Aydin points out, when capital is plentiful, you may find that investors are more forgiving in this respect, but the cycle always turns and fundamentals will always be important.