Stillmark meets with several hundred startups every year, so there's a lot of variability in the founders that we talk to!

In any growing market, the opportunity for new companies is to benefit from the market's growth. There's an undeniable tailwind for Bitcoin and Lightning Network-based companies, just as there was in 2008 for companies built to leverage either the advantages or adoption of cloud technologies and mobile platforms. For the early stage companies in our portfolio, the aim is not just to match the market's growth but to surpass it. In other words, the target is to grow market share or penetration as the market grows.

On the flip side, in a bear market, a more modest growth cadence that still surpasses the state of the market can be expected from even the top tier of companies.

In summary: When we evaluate a company's growth and progress, we do so in context of how it's matched the state of market adoption. In determining progress we adjust for the conditions of a bull or bear market.