[0:00:00] I'm going to jump right into it and ask Sam to come up on stage. And we're going to talk a little bit about the future of YC. Please welcome Sam Altman, president of Y Combinator. Thank you. So Sam, you are an entrepreneur and now an investor. And you have quite a big set of shoes to fill. Paul Graham's probably been the leading light in the accelerator and early stage investing industry for the last close to 10 years.
[0:00:31] So what are you going to do? We've been doing this sort of in post-transition for a while now, and what we're really going to try to do is just keep doing what we're doing. It's working pretty well. The sort of core belief that there are a lot more people that could be starting these huge companies, and that we can really help them, and that YC is this network and this community that gives these companies a huge advantage, and the partners...
[0:01:01] Are able to help and we're able to connect the companies to a lot of people. It's been something that's really, you know, seems to be working. So what we're really going to do is just sort of keep finding great startups, getting them into the program and helping them. And when talking before, you said you guys definitely are planning on continuing that scale and the new batch that you guys are just ushering in is now 87 companies? Yeah, I think it's 87 companies, like plus or minus one.
[0:01:31] Is that the largest so far? That is the largest so far. We figured out how to scale YC at this point. So we had 84 companies once before and everything broke. But now we figured out how to sort of like shard ourselves internally. Sharding YC. Yeah. And we have a lot more partners. So it's working pretty well. Like it doesn't even feel like a crazy strain on the system. We were just talking about how many more companies we could have at this point. But like...
[0:01:59] Part of the thing about YC that works is many of the really good startups go through YC and then there's this community and the startups help each other and use each other's products and advise each other. As the number of startups grows, and I would guess that the number of good startups is growing at something like 20% per year, we have to grow as well for this model and this network to work. Maybe just like your startups, you want to be growing as fast or faster than the market grows and take advantage of network effects.
[0:02:29] Yeah. How many companies have you guys funded to date, I guess including the recent batch? I think it's 717. That's pretty awesome. Over 700. And I heard in a recent interview, you know, I don't know whether this is an actual goal, but you said you'd like to be able to fund a thousand startups per year at some point. And one thing you said that I thought was also interesting was the ratio of full-time YC partners to startups that you feel is...
[0:02:59] Reasonable is 20 to 1? Yeah. Is that 20 to 1 per batch? 21 to 1 per year. 20 to 1 per batch. That is sort of like the pain limit. We can't do more than that. The ideal number may be a little bit lower. But that's like a rough guideline of what we can handle. So I wasn't quite clear. I know you guys have a lot of new partners, but you guys have at least five, then, I'm assuming. A lot more than that.
[0:03:25] We're trying to sort of scale ahead of growth. And also you lose some efficiency as you go. I don't know what the exact number of partners is, but I think it's like 12 or 11. A few of them, like our general counsel, does not sort of count in terms of that 20 to 1 ratio. Okay. So you guys have done a fantastic job in building a community, and I would argue probably the largest startup community on the planet at this point. What are, in terms of growing,
[0:03:55] YC, what do you think you'll do the same with that community versus different from maybe Paul, PG in the past? Well, the main thing is to make sure that this cultural value of when you are a YC alum, like when you're in YC, the alumni will do whatever you need. They'll use your product, they'll advise you, they'll connect you to investors, anything. And then later, when you're one of these companies that can help, you pay it forward. And keeping that cultural value is sort of this core thing.
[0:04:24] As we scale, we have to do more and more with software for the community because there's just too many people. And we have to have more events and more spaces where these companies can come meet each other and spend time together. We are obviously hugely against these sort of co-working space models and dorms. Why is that? Because I've had a few conversations with PG about that. I know in the past he was against sort of more of a resident model for the accelerator and didn't want folks doing that.
[0:04:53] Well, the main reason that we're against that is the data seems pretty strong, that most of the big companies start with their own door. And I think it's so important to get the culture of these startups right at the very beginning. And startups need to feel unique, and they need to sort of feel like they're on this important mission for the world. And it is tough to get that in a space with a lot of others. And I think it's also hugely distracting.
[0:05:22] You get sort of this weird startups trying to copy behavior of others subconsciously or not to sort of fit in. Every night some startup wants to go out to celebrate something. And so it's just the data on this is really striking. That sounds like a college atmosphere negative bias. You would have the same criticisms of college, I guess. Well, it's a little bit.
[0:05:50] I mean, I didn't finish college, but I loved it. And I did start a company in my dorm room. But the good thing was there weren't other people in every room doing it. And so I did feel like we were doing this separate thing and we could close our door and people partied around us, but we were just working on this. So we just feel like the best founders want their own space. And that's why we're set up that way.
[0:06:14] So if that's true, do you kind of feel like you're biasing more towards the online community than the physical space community? You guys have Hacker News and are investing more people in that. We have email lists. We have some software that we're building now for the community. But we're also doing many more events for our alumni, trying to sort of have conferences and ways to get people together a lot more often.
[0:06:39] And again, you guys have probably, so if 700 companies, I'm guessing 1,500 or more founders in that network. It should be more, yeah. Yep, very good. So what do you think YC does well and not so well? I mean, you're given the charge of sort of scaling up. There's obviously a lot of things working. Anything you feel like you want to continue doing or stuff that's not so great that you want to work on improving? So I think we are not...
[0:07:11] Hand holders at all. And that is mostly good. We tell startups at the beginning, we will advise you, we will try to tell you not to drive off a cliff, but if you decide to, and some of these startups really do just go off a cliff and don't leave skid marks, if you decide to, we'll still let you. And I think we could probably have a little bit more structure for some companies, but I'm not sure that the good ones need it.
[0:07:41] The other thing that I think we have historically not done well or maybe doing a little bit better with now is reaching these sort of non-traditional software companies. These non-software companies. So there are companies that do a lot of things other than sort of internet and enterprise software. We're trying to do a better job reaching them. One stat that I just heard that I think we are doing really well.
[0:08:11] Something like 38%, plus or minus a couple, of our current batch of the founders were born outside the US. And so I think, you know, one of the things that I wanted to make sure that we did was reach out to a very broad pool of people, right? Because they're... And definitely, I know you guys have worked to kind of broaden the diversity that, you know, maybe historically wasn't quite as large, but now doing a lot more with both female founders and international, right? So you have over 20...
[0:08:41] And then we fund Keep Going Up, so that's great too. Obviously we want to make sure under this sort of mission of fund every good startup, there's a lot of people that are not white men in college that start good startups. There are a lot of white men in college that start great startups too, but we want to fund all of them. I would definitely agree with that.
[0:09:05] What do you think is a reasonable valuation for YC companies on demo day? We have a lot of people in the room who I'm sure have varying opinions on that. You know, it's whatever the people in this room are willing to pay. Oh, come on, Sam. I want a number. I wrote recently about valuations. I certainly myself feel that valuations are high right now, but given the other opportunities for capital and given the seemingly unlimited demand of...
[0:09:35] You know, investors to invest in these startups, and given the fact that if you invest in every startup at the YC Dev Monday price, the whole index, it appears that you make money every batch doing that. I don't think there are... I think if you invested in every company, the valuation median would be okay. Yeah, yeah. So let me ask you, if you won't give me a number, do you think $10 million average cap is a reasonable, like...
[0:10:02] Medium price for the... I just don't think about it this way at all. I really don't. God damn it. These investors that say, I have a line in the sand, a five or a $10 million cap, and I will never go above that. These are the worst investors. They never make a lot of money. You make money when... I've occasionally been that person, and I admit, that was part of the reason passing on Uber, so you're right, I'm stupid and full of shit. Yeah, I mean, when Uber comes along, you're like, the thing that matters is, can I make a 10,000x investment here?
[0:10:31] And if it's a great company, then it can be a great deal at 20 or 30 pre in the first round. And if it's a bad company or not a great company, it doesn't matter how cheap you get it. It will still go to zero. Is a $50 million exit a bad company? Is a $50 million? That's not what we go for. That's not how our model works. Like our economics, like the YC partner economics get driven by the billion, $10 billion exits. Right. And so we'll support the founders in whatever they want. And if they decide to sell for like, you know.
[0:11:00] $500,000 or $50 million. We will always, always support the founder in what they want to do. It's not what drives our economics. So let's do some simple math and say if you didn't have unicorns and 10% of the companies you funded got $50 million exits, do you think that's a potentially reasonable number? 20%? That would be... One out of five founders has a $50 million exit. My guess is that something like...
[0:11:31] 1% of our companies will end up as billion plus dollar exits. Right. And 10% will end up as 50 plus. Okay. And, you know, something on, and then maybe like 4 or 5%, 100 plus, something on that kind of a range. Okay. So let's try and do that math. If 1% or a billion dollars, let's say the median price is $10 million. Yeah.
[0:12:01] So a billion dollar exit is, sorry if I can do the math quickly, 100x, right? So you're going to get a 1x. If 1% do 100x, that's 1x. But remember, the billion plus, some of those will be 10. We've got a few that have been 10. So you get the 1,000x on some of those. And let's be generous and say that 10% have a $100 million exit just to make the math easy. So that's a 1 in 10 chance of a 10x. Probably too high a little bit. So in the aggregate, there's 2x. And maybe with the rest of the long tail, you get another 0.5 if you're lucky.
[0:12:32] It's so hard to do that, right? Because it depends how much those companies that are worth more than a billion are worth. The way that I think about this is that you should just invest in companies that you believe can be these gigantic multi-billion dollar companies. And trying to pick ones that you think can be nice 20 or 30 million dollar companies where you can make two or three X repeatedly, historically is much harder to do successfully.
[0:12:58] The one thing that I tell people when they say I want to be a new angel investor is don't try to get good deals on valuation and hope for these $20 to $30 million exits because too many things go wrong. And if you look at people that have been really successful angel investors, they're the ones that take bets on founders and ideas that they believe can be huge and cheerfully lose their money a lot of the time.
[0:13:23] And I think that's the right strategy. I really do. Before I joined YC... But that sensitivity analysis we just did, if we assume those numbers are correct, you'll make money if you have a wide enough exposure to the index of YC companies and there's a few unicorns in there that are billion-dollar exits. If you don't have the billion-dollar companies, you might only be paying for... Well, then we should all go home. We don't care what we're doing. We're adding no value to the world. We expect to have a lot more billion-dollar companies. But if they're only happening 1% of the time...
[0:13:51] I probably need to be investing in 50 to 100 companies to have a shot at that. So one thing I believe about angel investing is if you're going to do it, you want to invest in a reasonable number of companies. Yes, agreed. I think that's true. Before I joined YC full-time, from like 2010 to 2013, I was an angel investor, and I made about like 40 investments. And luckily, like...
[0:14:18] Some like five or seven of those have gone on to be huge. You had a very good access to high quality deal flow, I bet, with those 40 investments. But many of those I just totally lost. And so it was like if I had only done a smaller set, that would have been bad. But luckily, the five or seven that are like 100x or 1,000x returns, those pay for a lot of mistakes. How do you split or manage?
[0:14:48] The way that you structure your program, given that economically speaking, a very small percentage of companies is going to drive the outcomes for returns and maybe other things versus probably a larger percentage of companies are going to have smaller than $100 million exits, but still interesting exits. We try and sort of act benevolent here. We try to help every startup and do it not because we think.
[0:15:12] We're necessarily going to make a lot of money. The big winners come along so infrequently that you basically just don't think about them. And you just sort of view this as you're supporting the startups. Do you think the education and support and resources are the same for people who are going for billion-dollar exits versus more modest outcomes? Yeah, if anything, we end up spending... The people that quickly get on a trajectory to be a $10 billion company need much less help than the people that are struggling and pivoting and trying to make it work. So we spend...
[0:15:42] Way more of our time on companies that never make us money than we do on the big successes. And we should probably fix that, but I don't think it's so bad. I also want to take a couple of questions from the audience as well. So we actually did answer this question of how many companies sort of yield billion dollar exits or more.
[0:16:01] That's my guess on where it will be. Many of the companies we funded are too young. But you guys probably have more than seven companies that are billion-dollar valuations. Not yet, but I think we will by the time all these companies have grown up. So you're probably exceeding that 1% target maybe by at least today. I don't think it'd be as much as two or three. I don't think it'd be as much as three. And then we were saying 10% on the 100 million, but you admitted that might be a little bit high. Again, these are very speculative guesses. Understood.
[0:16:29] But let's say it's single digit percentages, maybe north of 5%, certainly below 20%. Sure. Okay. How many do you think are profitable or sustainable? But as a percentage of total. Quite a lot. One thing that we really do drive our companies to do is to get ramen profitable.
[0:16:47] Which means just barely profitable quickly. Does that mean they're actually paying themselves when they're doing that? A little bit. They pay enough for rent and to go drink cheap beer. Let me pick a number. Say a million dollars revenue break-even. How many companies are going to be able to sustain a million dollar revenue break-even budget and employ maybe five to ten people? Minimum. My sense is that that would be a surprisingly high percentage. More than 50%? I actually am not curious, so I'm going to go look.
[0:17:18] Ask people, but we don't have this data on an easy dashboard where I can have a good intuitive feel. But I'm really curious, and I bet it's pretty high. Okay, how about the other side of that equation? How many will fail or won't return at least one X? A lot. What? None? No, a lot. YC is pretty awesome, but they're not that fucking awesome. Sorry. So failure or non-return of capital? 20%, 30%? I guess that it would be... I mean, it's at least 20.
[0:17:50] But probably 40 or 50, I don't know. Okay. You think it's that high? Maybe it's a little lower. A general framework for YC might be...
[0:18:03] 50% or more are sustainable at a million dollars. Here's the thing. I really don't... You don't care. I don't care. I really don't. It doesn't make a dent to it. What matters is can we move... Let's say 1% can be a billion dollar plus. Can you move 1% to 1.5? All of our effort moving that 1 to 1.5. And if 30 or 50 or whatever fail...
[0:18:21] That's cool. Those guys go on and they usually are those girls and do other things in the YC portfolio. Would you tolerate higher failure or encourage higher failure to move the needle on that 1% number up? Yes, absolutely. Even if it resulted in less exits at the $10 to $100 million range? Again, that's just not what we're going for. But I want to dive into that. This is an important point. What you're saying is you would buy us for unicorns against...
[0:18:50] Pretty decent outcomes and tolerate less 10 to 100 million dollar exits and change for more billion dollar exits. The companies that are fun to work with and fun to support and fun to be a part of are the ones that really change the world and that become these huge companies. Do you think that's ethical though? Do you worry that perhaps the education and guidance that you would give people to create 50 to 100 million dollar businesses employ hundreds of people?
[0:19:19] Definite positive impact to the economy, positive job creation, make themselves, their families, their founders, and team rich. Is that the exact same education that you're giving the billion-dollar folks, or do you bias towards the billion-dollar folks and negatively impact that? Here's the crazy thing. You can't just say, I'm going to build a $100 billion company. You have to start off building a $50 to $100 million company first.
[0:19:42] So you think that's the same path? It's the same advice. The advice that we give all of the startups... And you should have some experience in this. You had one of those exits. Yeah. Indeed. We're trying to build a $10 billion company, but we did the things that got us to that first stage first. The advice, which is spend your time building your product and talking to your users.
[0:20:06] And make something that people desperately love. And sustainably build this business behind growing revenues. That's the advice no matter what you're trying to do. Most people try. Isn't there a tradeoff between growth versus revenue that might buy us towards larger outcomes later if you're growth focused? But potentially give you a less successful outcome if you're only going to be a $10 to $100 million company? I would have thought. That would have been my...
[0:20:36] What about on the fundraising side? Would you take more capital in earlier if you're aiming for a billion dollar outcome than if you're only aiming for a 10 to 50 million dollar outcome?
[0:20:57] These founders that say, I'm going to build a $10 million company or bust, and I'm going to raise $30 million in my first round, my first capital N, almost always fail. $30 million in your first round. It turns out to be a very negative signal. You should be so goddamn lucky to be able to raise $30 million. To do that. So, like, again, you... You had an interesting response. I saw that, though. $10 million is okay. It's still a lot. I mean, it's not... The data does not show that it's certain death. But...
[0:21:25] The difference between building a $50 or $100 million company and a $10 billion company, I think most of all it comes down to luck of how the market develops, but also just sort of like founder determination. And those things are very difficult to predict. These companies, they can be on a very good trajectory, but if you can say this could be like a $50 million company or a $10 billion company, they could look.
[0:21:57] Almost identical in the first year. And the advice and what they should be doing is the same. And then there's this huge luck in market multiplier and founder. But let's say that there's maybe two paths here that are close but not the same. So an opportunity for a great YC founder to raise $2 million, maybe on a 10 mil cap note at Demo Day. And let's not say that they're 12 million post money, but they're sort of in that range.
[0:22:21] Versus they have the opportunity to raise $5 to $10 million priced round and the post money is $20 to $30, which we've seen happen, right? So let's say the difference is I've got $2 million and actually I have some personal experience with one of these companies. PlanGrid, great example, right? Raised about $2 million, I think? Three, maybe. And ran for two years with no other capital. Doing fabulously well right now. Another company raises $5 million.
[0:22:49] On 15 or maybe 7 or something, there are 25 posts. There's not really an exit for that company that's raised at 25 posts south of 50 in most cases, right? They have to be $100 million or bigger. Yeah, so we do try and give founders advice that when you raise capital, you are committing to continue to working on this for a while. But aren't there binary outcomes if you raise more than $5 million priced?
[0:23:15] You've taken a lot of small exits off the table with a binary $5 million priced round. Take a board seat. Yeah, so we do say that if what you want is to sell this company in the next couple of years for $20 million, which if you want that, it's totally fine. You shouldn't raise $10 million. You shouldn't raise $5 million either. Specifically, shouldn't raise priced rounds with a board seat, probably. I actually don't agree with that. I mean, I think plenty of our companies have raised small priced rounds and then sold for two or three. Small priced rounds may be different.
[0:23:43] Most founders, and certainly the founders that we want to be in business with, plan A is to build a huge company and change the world. People do this. Go big or go home. There are easier ways to make money than being a founder, let me tell you, and certainly an angel investor. The people that we want to be in business with, the people that we get really excited about, are people that want to do this crazy thing, not that are trying to flip their company for $20 million. If that happens, it's fine.
[0:24:12] But it's not what gets us up in the morning. So let's extend that. You've stated, hey, we want to be more diverse. We want to be more female. We want to be more international. Does that same math work for women founders, for international founders in particular? Take a big round and try and build a big billion-dollar company. I'm coming from Mexico or Brazil or Europe and still going to raise $5, $10 million priced and go for a big story. I mean, if anything, my belief is that...
[0:24:41] I always like founders that sort of have something to prove. And I think founders that get to the US to start a company and do something that's viewed as crazy in their home country, if anything, are more likely to build these huge companies. So yeah, I like that. I think that's really good. I'll ask you one last question, then we'll take them from the audience. What's the hardest thing about being an investor in startup companies?
[0:25:11] The hardest thing for me is that you are like the coach or like the support, but you are not sort of like actually in the driver's seat. And I didn't like that about being an angel investor personally. YC is much better, but still not the same as running a startup. But running a YC is much more like running a company. I mean, being a YC partner is much more like running a company. You have to get outside your own body. You can't be the player. You have to be the coach.
[0:25:40] All of us at YC are sort of building this sort of institution-like thing, but still not as good as running a company. So that's hard. It's really hard to pick good companies, but I sort of go in eyes wide open. I don't beat myself up too much when we get it wrong. You guys have done pretty well, I think. A lot of work still to do. Questions from the audience. Sam Altman, president of YC.
[0:26:12] Yes, sir. Questions around what's kind of age range target for YC or what's kind of medium? I don't know the stats for this current batch. We do sometimes collect stats, but not until the end. But for the last batch, I think the youngest founder was 17. The oldest was in his low 60s. There were a number of founders in their 50s. The great majority of people that...
[0:26:49] We fund, I'd say, are between like 24 and 40, but we have exceptions on both sides of that all the time. Is it getting younger or getting older? I don't have a strong sense that it's changing either way. Do you have any bias against accepting a founder who's under 20 or over 40? No. Bullshit, come on, you do. No, we just like...
[0:27:18] You guys are pattern matching too. I know you got data. One of our best investments, the founders were like, one was 17, one was 19. How old was Patrick Collison? He was 19, his brother was 17 or 16 maybe. I don't know, something like that. What's the data say on the largest billion dollar companies? Those guys were all under 25, right? I don't think Drew or Brian were under 25. No, I don't think so.
[0:27:44] The most recent big... They weren't over 30 for damn sure, right? They were... No, not over 30. But late 20s, I think. Why no female unicorns yet? Why no women billionaires? Can I say something off the record? Sure. Well, we're live cast, so it's not off the record. Believe me, I've gotten myself in trouble talking about this topic. Feel free to wade in. No, no. We are going to...
[0:28:13] We released some data on this shortly, but we're still waiting to confirm one thing. But the percentage of female CEOs that are running these $100 million plus companies out of our portfolio, I think will surprise you to the upside. I think it's happening. Great. That's awesome. I don't know if we have permission to. We have time for probably two more questions, and then Sam's got to jump on a plane. One there and one over there.
[0:28:43] The question is, what is the incentive or any compensation structure for your partnership? We are very low salary and high carry. We don't have LPs, and so we keep all the economics. Among our GPs, we split it up equally among the partners. You guys obviously have made enough money to finance yourselves, but I thought you also were raising some capital externally. Oh, we have this totally external side fund that does not...
[0:29:12] Impact what YC can do, but just automatically invest behind us in every company. But in terms of the core YC, no LPs. I think one thing that a lot of VC funds get wrong is they pay the partners huge salaries, and then they don't actually make money for their investors. There's this famous observation that startup CEO...
[0:29:35] Salaries, when they're low, correlate with success. Peter Thiel famously does that too. We try and do something similar. You will not get rich on the... There's a flat YC partner salary and it's not that great. But you do get meaningful economics in all the companies. And I think that's the right strategy. Question over here. Question is, there are now 2,000 accelerators in the world, probably more. And what's Sam's opinion on that and or accelerators for emerging markets?
[0:30:15] What I always recommend is that the most important thing is to get really good founders in your first few, you know, like out of your first 50 companies, you need to have extraordinary founders that are going to build this community and also serve as successes so that more people want to join you. And I think that all of your efforts when you start a new accelerator should be biased towards getting these really great founders.
[0:30:43] I do think it's hard right now. There's 2,000 accelerators, if that's accurate. It's very hard to differentiate and attract people. But finding a new way to do that that people haven't thought of yet or a new way to sort of identify this talent is really important. I think that's probably the most important thing. We probably have time for one more. My goodness, it's such an amazing opportunity. Stand up, yes, please, sir.
[0:31:21] The question is, how do you get to 1,000 companies? Do you scale that within this region or others? Actually, how about a guess? How long will it take you to get to 1,000 startups a year? Many years. But you're doing arguably almost 180 a year right now, right? Yeah. 190. So if you compound that growth rate of 20%, it will still take a while. Five years? More. I think it will be more. Come on, Sam. You can do it.
[0:31:47] I don't want to, like I want to do it at a state, like I want to keep what's so great about YC. And I think there's probably a limit to how fast you can grow and keep that. So do you think that's all domestic or at least with mostly funded in the Bay Area? Well, look, what we want to do is we want to get people from around the world. We want to attract talent from around the world. And we want them to move here for the duration of our program. And then they can decide if they want to go home or stay. So you would still emphasize has to be done here in the Valley?
[0:32:13] PG is very specific about he thinks the Valley's best place to build startups is arguably the only place. I really do think it's the best. I don't think it's the only, but again, if what you're saying is you want these super unicorn companies and there's a little advantage to being in the Valley, little advantages are really important. The outcomes are so in doubt here. So I do think that the Valley is still the best place in the world by a huge margin to build a startup.
[0:32:42] Do you think Chinese speakers, Arabic speakers, others are going to come to the Valley to build their billion-dollar businesses? They seem to want to. They may want to go home afterwards, but coming for three months and learning how the Valley works, developing a network, meeting people out here that can help you, advisors, investors, whatever, that seems like an obvious win. And for most founders, that pales in comparison to the sacrifices you'll make later to build your business.
[0:33:11] There are exceptions with a family or another situation where you can't leave. But many good founders are very willing to come here for a period of time. I would guess that of the founders that come here from elsewhere in the world, like two-thirds to three-quarters decide to stay and the rest go back. But I ask this all the time because I worry about this. They're almost always happy to have come here.
[0:33:40] And felt that it was hugely valuable to sort of build up the network and learn from here. So Silicon Valley is still going to be Mecca for at least a visit. I mean it feels like if anything the separation between Silicon Valley and other places when it comes to tech startups is expanding. Now the other thing that goes to that is I think like more and more of the most talented people that want to start startups are coming from outside the valley because people in the valley like
[0:34:10] I've heard there's a few people that live outside the borders of California. Yeah, but that's how I want us to do this. Let's say that 95% of the best startup founders are outside the U.S. I still want to fund all of them, but I think it is in their best interest and ours to keep operating our program here. Maybe someday, way in the future, we begin to think about scaling it.
[0:34:41] There's a long way we can go and sort of stick to our knitting here. Got it. Sam, I know you have to catch a plane. Thank you for having me. Thanks for the great conversation. Good luck with the gig. Thanks a lot. And really, congratulations on sort of enhancing diversity and other scale focus at YC. I think it's a tremendous goal. I think you guys will probably be quite successful. Thank you. Thanks to you and PG and everyone for all you do for the community.