The previous firm policy of not making follow-on investments had two interesting side effects: signalling risk, and the nature of the relationship with the founders.<p>You&#x27;ve addressed signalling risk in another response, but I&#x27;m curious to hear your thinking about the impact this will have on your ability to have an authentic advisory relationship with founders.<p>Do you have any concerns that this could make founders dial back their level of authenticity with you? I think there&#x27;s tremendous value in having founders who are comfortable being completely transparent about the concerns they have.<p>In the back of founders minds, there could now be a small voice saying &quot;Should I discuss possible future issue X with YC? If we haven&#x27;t come up with a good answer to X, it could impact the next round. We&#x27;d be better off dealing with X after our series C rather than after our series B.&quot; But in not having the conversation, tremendous value is lost - good advice might turn it into a non-issue.