In 2011, two first-time entrepreneurs pivoted from their original iPhone app to a small social sharing feature of “pinning” product images from around the web. They pitched Jeremy Levine without a business model or a scalable architecture. But the passionate, burgeoning community was a positive sign, so Jeremy led the Series A round at a “very expensive” $40 million pre-money valuation. Pinterest went public in 2019, reaching a market cap north of $20 billion.