Feb 10, 2015 ยท 0 minutes

"I'm the nice Canadian version (of Travis Kalanick)" declared Slack and Flickr co-founder Stewart Butterfield at our PandoMonthly last week. I was asking him about his demands for a $1 billion valuation when he last raised money. You've likely read the account already in Fortune's excellent Unicorn cover story, but here is more on why he demanded the price in Butterfield's own words.

It may be arbitrary, but that doesn't mean it's inconsequential when you are trying to build a company, he argues. There are all the usual arguments, but the most interesting point to me to get a $1 billion price was the same reason many people argue against it: You have pretty much priced yourself out of an acquisition. Butterfield explains in the clip.

The full video will be up next week. As always, become a Pando Member to get them immediately.

[photo by Geoffrey Ellis]