From a regulation standpoint, it is really hard to see any large-scale MNA right now. If you're going to go public, I think you've got to be cash flow break-even. You have to have 30% plus growth. You know, you've got to be moving towards a rule of 40 or 50, in my opinion, slanted more towards growth than you are cash flow break-even. This shit is really fucking hard and it takes a long time. So you've got to be patient. This is the time to put money to work. This is going to be an amazing vintage.

This is 20VC with me, Harry Stebbings, and over the weekend I saw Ed Sim at Bold Star write a tweet

about why we were at a time in the cycle where late stage investors would rather get their

cash back from investments to either reinvest, known as recycling,

or redistribute to LPs. I wanted to dig in on this, and so I invited Ed, founder at Bold Start,

and then one of the most thoughtful multi-stage investors, I think, jam-in-balled Altimeter,

to really deep dive on liquidity, IPOs, M&A, fundraising in 2024, and a lot more about

the state of venture today in this new world. But before we dive into the show state, there's

no shortage of helpful AI tools out there, but using them means switching back and forth

between yet another digital tool. What was supposed to simplify your

workflow just made it way more complicated, unless of course you're in Notion. In Notion, you can

automate the tedious tasks like summarizing meeting notes or finding next steps, really freeing

you up to do the deep work that we all want to do. And that's why Notion is used by over 50%, 50% of Fortune 500 companies, and teams that use Notion, send less emails, cancel more meetings and reduce spending on tools.

Try Notion for free when you go to notion.com slash 20VC. And speaking of amazing products like Notion there, I'd like to talk to you

about a company called Digits. They're a full-service AI accounting company, and if you're in need

of an accountant or looking to switch, there's no better solution than Digits. Starting at just

$350 a month, which is less than half of what you'd pay a traditional firm, Digits is the

most accurate, most efficient solution on the market. They've developed proprietary AI technology

that automates tedious financial tasks and delivers reports to the actual close of the month,

not two to three weeks later as always. And they also allow you to keep track of key metrics

like revenue, burn, cash flow and

runway in an incredible live dashboard. The best part of all of it, this is vetted and signed off

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