The Inside Story of Growth Investing at a16z

You have to think long term. So we think in five to seven year terms and try not to worry if we're off by a year or two on the valuation. Like, that's a risk that I'm willing to take. We turned it down based on price when I was at GA. They figured out a huge market hiding in plain sight, a sales model that totally worked, fast product velocity, all the things that we look for, big markets where they're the leader, business model that was exceptional at scale, long room to run, so that's a very painful one. The benefit of single trigger puller model as opposed to committee decision making is it's the ultimate measure of conviction. So if that individual has conviction and gets feedback from the partnership and maybe the feedback is constructive or negative and still wants to make the investment, that's conviction. Today, we're replaying a conversation from twenty b c with Harry Stebbings featuring a 16 z general partner David George from our growth team. David shares how he thinks about breakout growth investing, why edge comes from nonconsensus views on market size, how to underwrite upside in competitive markets, and what separates pull companies from push companies. He also dives into unit economics, deciding when to double down, and how single trigger decision making shapes investment conviction. They round out the conversation with SPACs, the rise of crossover investors, and how David manages pressure and competition over the long arc of an investing career. Welcome back to 20 VC with me, Harry Stebbings. And what an episode we have in store for you today. I just love doing this one. It's one where the chat really completely went off piste, and we didn't stick to the schedule at all, but always a sign of a great conversation. So I'm thrilled to welcome David George, general partner at Andreessen Horowitz, where he leads their growth investing practice. Since joining in 2019, David has invested in the likes of Clubhouse, Coinbase, Databricks, Figma, Instacart, Robinhood, and TripActions to name a few. David also sits on the board of Current, Greenlight, and WorkRise. And prior to Andreessen, David spent seven years growth investing at General Atlantic, where he invested in the likes of Airbnb, CrowdStrike, Opendoor, Slack, and Uber. Again, just naming a few. I'd also want to say a huge thank you to Aria at Tripashions and Ali at Databricks in particular. Some amazing questions, suggestions from them, and I so appreciated that. But without further ado, I'm now so excited to hand over to David George, general partner at Andreessen Horowitz. 3210. You have now arrived at your destination. David, it's such a joy to have you on the show today, my friend. I do wanna start by saying a huge thank you to Angela Strange on your team and Ali at Databricks for some brilliant questions, suggestions, but thank you so much for joining me today, David. Hey. Thanks for …