Ali, I think that’s an astute observation — Particularly for those writing smaller checks ($200K and lower). At $500K, initial target ownership should be 6–10% and if sticking to pre-seed/early seed, it’s likely that check will result in being a “lead’ investor. If I’m writing only small $100K-$200K checks, I’m likely playing very early to 1) optimize ownership % and 2) expanding my portfolio to 30+companies to mitigate against early portfolio attrition.