Though there will always be exceptions, our winning investments exhibit certain common attributes that include: Deep innovation with strong intellectual property barriers; Passionate and committed founders, preferably with some startup DNA; Proof of application with a few commercial or beta customers; High capital efficiency in each aspect of business; A contrarian approach that shuns the flavor of the month/year; Unflinching long term commitment to organic growth; and, Willing to listen, accept mistakes, adapt, and move on.