> [The conclusion is that] O(n) companies are higher EV than O(n^2) companies. I mean that, on average, a founder will make more money pursuing an O(n) company

> [The conclusion is that] O(n) companies are higher EV than O(n^2) companies. I mean that, on average, a founder will make more money pursuing an O(n) company than an O(n^2) company. And not an insignificant amount, the amount of liquidity and networth a 20m ARR O(n) company is extremely hard to match by a traditional VC backed O(n^2) company. It's a bit like getting a regular job vs playing a lottery: the former gives you better financial results on average, while the latter gives you a chance to make it really big. (I also wish it were "linear companies" and "quadratic / exponential companies", or maybe "snooker-cue companies" vs "hockey-stick companies".)