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 13 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
Seed-stage startups should not have formal boards of directors
“First off, I don't think seed stage companies should have boards, I really think that they can get misdirected when all they really should be focusing on is talent aggregation and product market fit.”
Individual partner accountability beats large VC consensus committees
“Fewer people taking deeper accountability for decisions was much better than this approach.”
Consensus decision-making cost Atlas Venture the Dropbox seed round
“And if that would have been the case, you know, Dropbox, we would have led to see the series a and probably kept a drew in Boston and it would have just changed everything.”
Accomplice does not reserve follow-on capital for $1.5M seed checks
“When we write an initial seed check of say a million and a half, we are usually not reserving behind that company.”
Force-ranking early-stage portfolio companies is a dangerous practice
“Forced ranking at an early stage portfolio is really dangerous.”
Accomplice concentrates capital in portfolio companies under a $50M valuation
“And for a two hundred million dollar seed-led fund, we are trying to concentrate capital at a sub-fifty million dollar valuation.”
Atlas allowed partners to write $1M checks on individual conviction
“We set up where any partner on their own conviction could write up to a million dollar check on meeting an entrepreneur.”
Outliers are the only investments that matter in venture capital
“Consensus beat out the outliers and the outliers are the only things that matter in this business.”
Accomplice passed on follow-on rounds 10 to 15 times over valuation
“And I would say that's happened probably 10 to 15 times across the portfolio.”
Court Cunningham is the best independent board member Fagnan has seen
“Perch Homes is founded by Court Cunningham, who we were just talking about, who is on the board of Inside Squared, is the best independent board member I've ever worked with.”
Fagnan's last three investments were with founders he knew for 10+ years
“My last three investments that I've made have all been with people that I've known at least for 10 years”