00:17:39 · Sebastian Johnson
[00:17:39] S0: Yeah. I... And it and it even feels like the European giants are becoming much more European than specifically to a city. You know? Like, you know, Lovable's in London now, NatWest in London. Like, a lot of the great companies are all over the place, and they're they're becoming more European feeling, I think. One final question before I let you go. What are the key takeaways? What are the key fixes? You know, whether it's improving that conversion rate, getting more investors at the early stage. What do you think Europe should take away from this and where we should think, okay. This is what we need to do to either fix the issues that we have or make us just be even stronger?
00:18:19 · Christoph Klink
[00:18:19] S1: So I think the the first one is on that on that one side of that coin, we need to keep backing, investing, and singing the song of those winners that we are seeing. Because those winners are more spiky, more accentuated, they're getting bigger and we have to be proud of that and we have to make sure that actually those great successes turn into durable successes, That it's not just a temporary flame. And that will take everybody there, will take growth stage investors actually continuing to come in, that will mean that we'll all be sourcing from them, that will mean that governments are actually somewhat flattening regulatory surfaces there that we work on capital markets to actually create markets that are ripe for exits. But secondly, we believe there's a ginormous opportunity for investors right now in the early stages of investing. And we love to see more new managers coming in at Preseed Seed and Series A to be backing some of these companies that are currently in that funding gap. Because there has to be greatness in that. Yeah. I think in that funding gap, there's gonna be some companies that are gonna be very successfully bootstrapping. They won't need us as investors and that's great. They're gonna be way more lean in what they what they need in terms of resourcing because of Aon. Then there's probably gonna be some companies that... Sorry for saying it, but should never have been started and only have been started because all of a sudden somebody could. Because it's become easier to build a product, become easier to launch a company, and it's become easier to build a company that makes 100 k in ARR. So, some of them are just gonna not survive because they have just been built without kind of the deep, deeply rooted foundations. But thirdly, there must be some that are perfectly good companies that are right now lacking the capital and the attention to actually earn the right to scale. And I think that's where great opportunity is and that's where we as investors need to double down on backing even more great founders. It looks like the founders have outgrown the investors right now. So that's great, right? Because too many investors, too few founders is the worst thing. So too many founders and too few investors is the is the right thing.
00:20:42 · Christoph Klink, Sebastian Johnson
But I think we need some catching up on the side of investors and lean forward into more of those deals that maybe handle a little less pedigree. [00:20:52] S0: Yeah. Amazing. And and it just shows there's a real opportunity. Right? That's a great opportunity for early stage fund managers if they can raise the money, deploy it in a way which is not just consensus and following everyone else. There's gonna be great opportunities for them. Well, Christoph, thank you so much for joining me. It's a great report, some really great data points, and it's gonna be interesting to see how people react. But, yeah, we'll have you back another time. [00:21:12] S1: Lovely, thanks for having us there.