The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 10 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Waxman: Analytical TAM models systematically miss startups that fundamentally change markets
“And I just think if you study the market, like any way you analytically go at that market, when you see an Uber kind of pitch, you're going to miss it if what the company does is change the market.”
Waxman: Seed pro-rata rights force founders into terrible Series A trade-offs
“Founders are put in this terrible situation of trying to do right by their early investors. And respect all of the contractual rights that they signed up for and new investors demanding minimum ownership thresholds. These founders are forced to either screw ov…”
Waxman: Party rounds harm startups by lacking a lead investor during crises
“When the company encounters challenges, sometimes an investor group really needs a lead because they need leadership. It's very, very easy to be a good investor when everything's going up and to the right and, you know, the founder is doing all the right thing…”
Waxman: Founders underestimate their leverage when Series A VCs commit to investing
“I think that they underestimate the power of the situation that they're in, because when one of those firms really decides that they want to invest in you, it's not, as you say, it's not a couple percent that's going to push them off.”
Waxman: Taking Series A capital is a marriage with no divorce option
“It's crazy because it's a marriage that is very, very hard to get out of, as you know. When you've taken an investor, particularly that first A-round investor, they are with you for the duration, whether you like them or not, and it's nearly impossible to, the…”
Waxman: A major asymmetry exists between investor diligence and founder diligence
“I think there's a big asymmetry in how much diligence investors do to companies versus how much companies do to investors.”
Waxman: Finance is prospective and more critical to startups than retrospective accounting
“Finance and accounting are totally different disciplines. Finance is Completely prospective, and it's super important for startups. It helps guide where you're going, helps you model the future, helps keep the company on the right track. Accounting is retrospe…”
Waxman: VCs have influence over portfolio companies, but founders retain control
“You have influence, but you don't have control.”
Waxman: An investor's true character is revealed only during bad times
“It's easy to be a great investor, as I said before, that it's easy to be a great investor when things are going up and to the right. When you see someone's true metal is when things are going badly, when things are scary and difficult. And it's important for f…”