That's a great point and definitely something I oversimplified -- perhaps the "structural" factors of time horizon aren't a significant influence on the liquidi

That's a great point and definitely something I oversimplified -- perhaps the "structural" factors of time horizon aren't a significant influence on the liquidity-seeking behavior of these investors. But I'd stand by the theory that (1) there is a difference in motivation and mindset between a growth investor domiciled with a firm that primarily trades in extremely liquid, public equities and a traditional growth investor with a sole focus on venture, and (2) that mindset manifests itself in the guidance coming from that member of the board. Again, this might be a good thing. I think many companies could use more discipline around focusing on profitable revenue vs. top-line growth alone. The point I'm trying to make is that the kind of investor/board member you have definitely changes your decisions as an entrepreneur -- and as non-traditional growth equity pours into tech, decision-making starts to change in a big way.