he was the reason i was at greylock.g in airbnb is my first -- airbnb, it is my first deal to the partnership and david, who i am super close to, have the deepest respect for, he looks and says, every vc has a deal they can learn from and fail from, and airbnb can be yours. i said, david is supersmart. [laughs] ultimately, i have to have the conviction, this is a portfolio, he gave me the hunting license, the permission to do the deal. so, i went and did the deal. to david's credit, six months later, the numbers had not changed at all. he came back and said, i thought about it, i think you were right and i was wrong. what did you see i didn't see? i said, all of the risk factors that you saw were correct, but if you navigated through the risk factors, which i could see it as able to do, then you would end up with a redefining company of an industry. literally, it transforms the entire industry, and that is the thing i saw. ♪ david: i don't know where you got the time to start a little company called linkedin. reid: the g

reid: actually, i started it much earlier than greylock.t is how i met greylock, so i was doing angel investing while i was a -- the founding ceo and cofounder of linkedin, but i did not start venture investing until he hired jeff weiner to be the ceo of linkedin. david: and linkedin was sold to microsoft for roughly $26 billion or something like that. did you ever anticipate something like that when you started or helped start the company? reid: one of the things to think about when you are strategizing -- i have this framework called abz planning, thinking about the spread of outcomes. what is the best outcome, the worst possible, the intermediate, what could change the landscape? i always knew linkedin could be the network or platform that would be transformative and it was the kind of thing the most aligned with microsoft's vision. does that mean i knew microsoft would end up buying it for, you know, the largest acquisition in its history? and the answer is no. i dealt with hostility. it was the outcome, not the goal. the goal was somet

jerry chen, partner at greylock, joins us with more.are the up-and-coming in castles in the cloud right now? jerry: the castles project started with, how can you beat amazon, google, and azure in the cloud game? they are so huge and they have so much revenue. is there room for vc's to keep investing in these markets? we have seen companies raise huge amounts of money and compete successfully head-to-head against amazon, google and azure. companies like databricks, snowflake, elastic, security companies. a lot of companies out there that are able to do something like compete head-to-head against amazon or just multi-cloud across azure, google, amazon. so a couple of ways to play, either choose a market or strategy. emily: i will actually be interviewing the ceo of databricks right after you. thanks so much for the layup. when it comes to big incumbents, amazon, google, microsoft, do you see the likelihood of a real disruption there, one of them being dethroned, if you will, to use the metaphor? jerry: dethroned, to use the castle metapho

emily: greylock is a multistage venture capital firm.o seed funding, we will follow on in reserves out of the same bucket and what could this mean in terms of a longer-term relationship with greylock? what is the answer? sarah: the first thing i would start with its the seeds -- many firms look at them as options to follow on. we look at seeds as investments for trying to make money. we are building a relationship for the long term. i start with that and then i say it is a big piece of our investing. there are many instances where we invest more because our conviction continues or grows but the point of us doing seed is not just a follow on. it is to make the investment. emily: how big is each deal? would you say seed is the new series at a? sarah: -- series a? sarah: the market data would tell us they have increased for the same level of progress and i think that makes sense. the reason being the market has become a lot smarter at the attractiveness of technology opportunities and so great returns in tech venture capital over many years

greylock partners, thank you so much for joining us. coming up, up and away.ation company is closer to faa approval for its solution to urban air mobility. we will speak with the ceo coming up next. this is bloomberg. ♪ his is bloomberg. ♪ emily: an update on the story we have been following. the beijing city government is denying a report it is considering an investment in daily bag that could put the chinese ride-hailer under state control -- in didi. part of the beijing tourism group would acquire a stake. this comes amid a swath of penalties the beijing administration is considering for didi over data concerns since going public. meantime, remember one without the jetsons was a whole world away? well, flying taxis are getting a step closer to reality. this aviation startup archer just announced it is one step closer to securing faa approval for their aircraft certification process, a critical milestone as the race to commercialize flying taxis heats up. i am joined by the chief operating office. adam, thank you for joining us. the faa, this is a big deal.

joining us is greylock partners and host of the masters of scale podcast, reid hoffman.nk you for joining us. what is so great about your podcast is that you have been in the trenches, you have gotten the know and you have pushed through. you started doing these interviews pre-pandemic. how has the word "scale" changed? has it? reid: it has changed. it changes. scale entrepreneurship is all about the competitive landscape. competitive companies and products, talent, developing a deploying new products. part of the work on the podcast is all basically that you have to -- the first to scale is the technology company that sets the rules. that dynamic, not driving competitive force is still there. the way you do it is different. supply chains have changed. hiring has changed. the way teams operate have changed. how all of this happened in a more remote hybrid environment is much more challenging. the environment is changing as we saw delta figure out vaccination and testing, maybe hybrid gets more back to work as well. it is a constantly changing landscape. emily: you've int

that's also true how greylock has been investing it's a way of saying let's double down on that, focusause there is so much capital, the real question is not capital. the real question is help and doing. >> reid. you are always trying to find early entrepreneurs. we talked about entre newers and in china all of a sudden there is a remarkable crackdown taking place specifically on the technology industry even more broadly than that. i am curious how you perceive that what you think that mportends fr some of these big tech companies and also big tech companies in the u.s. who for a long time used to tell the government, you know what, you can't regulate us, because we're competing with these big guys over here if they're getting chopped down to size what does that do no that a t that argument? >> if you look at what's happening in china in china it's a question of sources of authority, power of responsibility within china. i think the chinese government does not like to have, you know, other kind of pulls of places of influence to the society i think the chinese government is perfectly h