4 essays
For the first time in my career, the most ambitious thing a founder can do is often not to raise at all. The economics that made venture capital mandatory have quietly stopped applying.
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Every dollar of venture money arrives attached to a person, and you will know that person for longer than you will know most of the people you marry into. Choose accordingly.
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The most expensive decision in a raise is not the valuation. It is the size of the round — the number that quietly decides what kind of company you are allowed to become.
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In the year after GPT-4, capital chased a sentence. The founders who raised well were not the ones with the best sentence — they were the ones who knew what the sentence was costing them.
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