It is interesting because right before the macro conditions went haywire, when we were raising capital for our current startup, we often got responses like, Oh,

It is interesting because right before the macro conditions went haywire, when we were raising capital for our current startup, we often got responses like, Oh, well, you guys are not from SF, or you should build your team in SF; all the action is here. It is true that action is still in SF. But suddenly, the VC ecosystem has started appreciating capital efficiency as we are building quite a large team in India. It has its own issues, but overall, you can be really competitive with a Bay Area startup. A 2 million-dollar venture may take two years for a Bay Area startup, whereas if you have a team in India or elsewhere, it goes way further. People talked about moat, hype etc. before the downturn now everything is talking about capital efficiency (which I think is good)