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 6 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
Overpaying 20-30% on seed valuations has minimal impact on fund returns
“If we're wrong by 20 or 30% on price in a seed in a series A company, it doesn't matter that much. If we're off by 50% on price, it does matter. And a hundred percent of price matters more.”
VCs must proactively issue term sheets instead of waiting for fundraises
“So you can't reactively wait for someone to raise their hand and say they're raising. You have to proactively be focused on the best companies and the best entrepreneurs, and basically proactively kick off a financing process by putting out a term sheet or bei…”
VC reserve capital should target winners rather than downside protection
“Although you want to reserve some for downside protection, those dollars aren't really as valuable as opposed to making sure that your true winners, you're able to put dollars behind.”
Board members dilute their influence by talking too much during meetings
“I think what I was able to learn from them is talk less. So you might have an opinion on a lot of things, or, you know, maybe even if you're younger, an opinion on most things, but you're diluting your own voice by talking so much or opining on so much.”
Startup boards function best with short, issue-focused meetings
“There were also very short board meetings, you were constantly thinking and helping the company think through its meatiest issues. That's, I would say, the highest way a board can function with the company.”
Board decisions about headcount and expense cuts demand deep founder empathy
“Well, I think there's probably two things in that you don't really understand. And I was not a operator before when I was first in BC and then became an entrepreneur that you want, you understand that you have to have a deep empathy for entrepreneurs, right? W…”