I've never been happy with a 20% dilution.

I would rather see it at like 10% or less than that.

The only real protection you can have as a startup founder in your business is to be successful.

If you're not successful, there's a lot of ways investors can exert their control.

This is 20VC with me, Harry Stebbings.

Now, the show state is a special one.

In a world of

fake growth, bullshit fundraisers and hype, Carrie Sauran has built the most incredible,

sustainable and most importantly capital efficient business in linear, where he prioritises

long-term, profitable growth, rather than falling for the raise big, spend spend big mentality that we've seen so much of.

Of all the companies I'm an investor in, I would say I get two times the number of intro requests for

Linear and Carrie, then all others combined.

That's insane actually.

Carry is a star and this was such a joy to do today.

But before we dive into the show today, how do you get your users to do what you want them to do?

Well, that's where Pendo comes in. Pendo is the only all-in-one product experience platform for any type of application.

Honestly, Pendo's differentiation is in its platform. Every capability from analytics to in-app, guidance, to session replay, mobile feedback management,

and roadmapping are all-purpose built to work together.

But don't take my word for it.

10,000 companies use Pendo, and Pendo also does mine the product,

the world's largest community of product management professionals.

So check out their amazing free product today on Pendo.io,

...