We stole all your great statistics, Rebecca. But the statistics are shocking, and I'm interested in what you think the new benchmark is and how many of those 1400 actually still vindicate a $1 billion valuation. Yeah, I think the number I've heard is

it would take about 20 years for all of those unicorns to actually make it to the public market. And only 15% are profitable. And on top of that, a lot of them have been around for over 12 years.

So, just way too long to really hit their stride and hit profitability. I think with Jenny, I know a lot of the metrics we've seen in the past aren't really the metrics we're looking for in the future for success.

You know, unicorn status, I think people have said that we need a new beast. I think that's absolutely true. And, you know, getting to that billion-dollar valuation is not really meaningful anymore. And then on top of that, what we're seeing, McKenna AI, is an incredible

opportunity to generate revenue quickly. We're seeing this in the statistics about how quickly companies can get to $1,000,000 of revenue. It used to take companies quite a lot longer. And right now with Jenny AI, the median is 11 months.

Right. And we actually saw a company the other day that got to $1,000,000 of ARR in two weeks. And so, you know, at like, is that something it's not? No, no, I don't think so.

I think what's happened is I don't think it's sustainable. So what we're really looking for are companies that have a unique insight and very deep industry knowledge in their area. We think that's more important than ever before.

And I think this ARR ramp we're seeing, which so many VCs were relying on for so long, is really ephemeral. So what's happening is these big enterprise companies

and consumers are signing up and paying money to pilot the technology, while seeing massive enterprise companies like Salesforce hire 1400 new

salespeople.
Yes. You capture that opportunity.
How many agents, Rebecca, know Salesforce?
How many agency companies are contacting you at the moment?
Oh, my gosh. Dozens a day.
Dozens a day.

And I think those are features of large enterprise companies in the future.
The features. So what is the reality?
What companies do you want to see built?
What problems do you want to see solved that are unique right now?
I love that question.

Thank you.
Yeah, it's so exciting to be in venture right now. There are so many opportunities we've wanted to invest in for a long time. And there are companies that tried, but the technology just wasn't there

yet.
I mean, a prime example, you know, it was a company that was
impacted by generative AI.  It was Casetext.
Casetext was doing really well. They had 10,000 customers, but they
couldn't fulfill the last part of their

promise, which was truly to stand
in the shoes of a legal counsel. And when Gen AI came along, they could do
that. And that was a huge unlock and why they
were purchased very quickly by Thomson Reuters.
Another one that we've wanted to see for

a very long time is voice.
And I think that is the most exciting thing about generative AI right now.
And so when we were in AI Doc SimCity for many years, I just thought,
you know, we should be taking the entire

patient call volume, both
inbound and outbound, off the shoulders of the physicians' offices.
That should just happen, and the tech just wasn't there yet.
We've been looking for this tech ever since.
We led Siri's investment many moons ago,

right?
And with generative AI, it suddenly is there. So we invested in a company
pretty recently called Parakeet.  The founder has super deep technical
knowledge in the medical space. And they're doing just that.
They're taking the call volume, the

inbound and outbound call volume off the
shoulders of a doctor's practice. And that to me is really, really
exciting. We listen to you because of the number
of times you're on a Midas list, the number of times you've called one of the
top VCs, but also because of the exits

that you have seen and you call out case techs, which is M&A. We've also seen, as you just mentioned, well, Luminar, for example, which actually managed to do the public kind of route.

How are you anticipating some of your portfolio going public come 2025? Yeah. I mean, I think the window is starting to open. There are so many companies that are ready. I think the market's ready. I think with the new administration, people are ready for the unlock.

And I do think we'll see the public markets start to open up. Maybe I'm too optimistic. I don't know. But I do think that that's a very viable option for people going forward. The other thing is, I think M&A, I mean, I actually prefer M&A every single time

because it's a much more linear exit for founders often. And so I think founders should always keep both options in mind. My most successful companies have had a very exciting IPO path but have also dual-tracked with an M&A path at the same time.

Reevaluating the Benchmark of 'Unicorn' Status

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