You have to think long term.

So we think in five to seven year terms. And try not to worry if we're off by a year or two on the valuation. Like that's a risk that I'm willing to take. We turned it down based on price when I was at GA. They figured out a huge market hiding in plain sight, a sales model that totally worked, fast product velocity, all the things that we look for, big markets where they're the

leader, business model that was exceptional at scale, long room to run, so that's a very painful

one. The benefit of single trigger puller model as opposed to committee decision making is

it's the ultimate measure of conviction. So if that individual has conviction and gets feedback

from the partnership and maybe the feedback

is constructive or negative and still wants to make the investment, that's conviction.

Today, we're replaying a conversation from 20VC with Harry Stebbing's featuring A16Z general

partner David George from our growth team.

David shares how he thinks about breakout growth investing, why Edge comes from non-consensive

views on market size, how to underwrite upside and competitive markets, and what separates

pull companies from push companies. He also dives into unit economics, deciding when to double

down, and how single-triggered decision-making sheep's investment conviction. They round out the

conversation with SPACs, the rise of crossover investors, and how David

manages pressure and competition over the long arc of an investing career.

Welcome back to 20VC with me, Harry Stebbings, and what an episode we have in store for you

today.

I just love doing this one.

It's one where the chat really completely went off-paced, and we didn't stick to the schedule at all. But always the sign of a great conversation, so I'm thrilled to welcome David George, General Partner at Andresen Horace, where he leads their growth investing practice. Since joining in 2019, David has invested in the lights of Clubhouse, Coinbase, Databricks, Figma, Instacart, Robin Hood, and Tripactions, to name few.

David also sits on the board of Current, Greenlight and Workrise.

And prior to Andreessen, David spent seven years growth investing at General Atlantic,

where he invested in the likes of Airbnb, Crowdstrike, Open Door, Slack, and Uber.

...