We've funded companies all over the place, and it just so happens many of them are in SF. If anything, the ongoing housing crisis that's systemically being igno

We've funded companies all over the place, and it just so happens many of them are in SF. If anything, the ongoing housing crisis that's systemically being ignored by local politicians is making it that much more likely our next startups don't start out in SF. We've always been pretty sector agnostic, but we're software folks so that's what we know best. A lot of the things we're spending the most time with are "file cabinet" industries — any market where if you walk into the dominant player's office, you see lots of file cabinets or fax machines. A software-enabled startup will probably do a lot in those spaces. What's funny is you can pretty directly extend that to any business that still mainly runs on Microsoft Excel and email too. Founders matter, but so do markets. We've seen so many of our talented friends end up working on new capabilities that don't solve a specific problem, or don't have a real market. It definitely takes both.