So over the years that you've been doing this, supporting founders in all sorts of categories to set their business up correctly and their agreements up correctly and raise money and eventually exit, what crazy stuff have you seen, and where are we at now in terms of valuations?

I mean, weirdly, it's all very cyclical.

If we go back to, I don't know, Innocent, at that point in time, you know, we didn't have a big, uh, sort of VC market in the UK.

Um, EIS was just been sort of created, so there was, you know, the, the ability to raise capital from individual investors.

But a lot of those sort of sophisticated, you know, benchmarks or, or milestones, you know, kind of weren't there.

The valuation discussions ultimately will always be around what are the v- investors prepared to invest at, what are the founders prepared to accept in terms of dilution? 'Cause it all comes back to the lower the valuation- And the amount that you raise, the greater the dilution is for the founder.

But there then becomes a really difficult sort of cyclical thing in terms of if you raise at too high a valuation and the business doesn't perform, and you still need more money, then ultimately your valuation will come down, and therefore you're gonna get dilution later.

So talk about, uh, what we need to think about there.