We had to build financial controls and go through audits to secure capital, which was critical for our survival against competitors with substantial cash reserves.

Despite the challenges, we learned to allocate capital better and operate more efficiently, which allowed us to grow significantly even in tough times.

I had to make tough decisions during a crisis, including shrinking the team and raising funds, which ultimately extended our runway and allowed us to launch successfully despite market challenges.

During the 2019 period, we learned that capital might be very hard to come by for an extended duration, which shaped our conservative mindset during optimistic times and our optimism during fearful times.

When we went public in 2021, we decided to save our funds instead of spending them immediately, anticipating tougher days ahead in the biotech landscape.

In 2022, we had to effectively refound Robinhood due to a significant shift in the macroeconomic environment, which required us to change our strategy to adapt to higher interest rates.

Despite facing a down round during our Series C funding, we continued to grow the business and raise additional capital, demonstrating resilience in a competitive market.

During the pandemic, we faced significant challenges, but we emerged stronger. We learned to focus on efficiency and maintain a startup mentality, which helped us navigate the crisis successfully.

During the crypto winter, we witnessed Bitcoin drop below $6,000, leading to a loss of VC and institutional interest. We had to learn to be extremely efficient and scrappy with our limited incubation capital.