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Hello, and welcome back to Equity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our Wednesday show, in which we sit down with a guest, talk about their work and unpack the rest.

This week, Alex spoke to Anu Hariharan, who’s previously worked with a16z, sits on Brex’s board, and more recently has been investing in later-stage companies at Y Combinator. She’s also working on something new.

Hariharan recently tweeted about how “great” founders were successfully guiding their companies towards cash flow positivity. Since that very interesting post, both Instacart (a former Y Combinator company) and Klaviyo have filed to go public. And both have super strong cash flows.

Our chat could not have come at a better time. We dug into how early- and late-stage startups should approach growth and cash conservation (in her view), the future of venture as an asset class, and how healthy the unicorn herd really is. We had a blast recording this one! Enjoy!

For episode transcripts and more, head to Equity’s Simplecast website.

Equity drops at 7 a.m. PT every Monday, Wednesday and Friday, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. TechCrunch also has a great show on crypto, a show that interviews founders and more!