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![Restructuring__ Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1519523016119619585.png) Restructuring__ [@Restructuring__](/creator/twitter/Restructuring__) on x 38.4K followers
Created: 2025-06-27 21:23:12 UTC

Wall Street’s consensus is that every great venture outcome must now wear a SaaS or AI badge.

Jay Hoag disagrees.

For XX years the co‑founder of Technology  Crossover  Ventures (TCV) has wagered that growth itself—the messy leap from first product‑market fit to durable public franchise—is the real scarce asset. 

From cold‑calling dial‑ups in 1994 to an AI‑driven screen of XX mm private companies today, Hoag’s team has funded category makers like Expedia, Spotify, and Netflix while skirting the minefields that sank dozens of hype cycles. 

In his latest interview, Hoag maps the playbook that still guides TCV at its 30‑year mark: ignore fashion, price optionality, and remember that regulation, tariffs, and public‑market discipline now matter as much as code.

1) From Cold Calls to XX mm Leads: How TCV Reinvented Sourcing for the AI Era
2) Macro Becomes Micro: Regulation, Tariffs, and the New Cost of Capital in Tech
..
8) Holding Through Hell: Netflix, Spotify, and the Art of Ignoring Short‑Term Panic

![](https://pbs.twimg.com/media/GuetB3gW4AAqg-V.png)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1938709722837778881/c:line.svg)

**Related Topics**
[stocks technology](/topic/stocks-technology)
[badge](/topic/badge)
[coins ai](/topic/coins-ai)
[chapter 11](/topic/chapter-11)

[Post Link](https://x.com/Restructuring__/status/1938709722837778881)