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 9 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
Loverro: VCs should heavily fund good companies or give zero capital
“If it's a good company, give them a lot of capital, and if it's not, zero. That's probably the right decision framework.”
Loverro: VCs avoid down rounds because they hate the complexity
“Fewer down rounds happen than probably should happen because VCs don't like them.”
Loverro: Valuation corrections take 1.5 to 2 years to reach seed investors
“What happens is, here, here's the waterfall, right? Okay, public markets multiples correct, and you're, let's say you're like a mutual fund, and you do pre-IPO rounds, and companies aren't trading at 30 times revenue anymore, they're trading at seven times, an…”
Loverro: Easy decisions made by startup management are usually half measures
“If a decision is easy, it's probably a half measure. If it's hard, if it's really damn hard, if it's controversial, you're probably doing enough of it.”
Loverro: Startup bridge rounds must provide at least six months runway
“A good bridge round at least six months. So I would ask really hard questions about any bridge round that's, you know, measured in weeks or a month or two.”
Loverro: Startups should finish fundraising with 6-7 months runway remaining
“My rule of thumb is you should start raising by 12 months. If you have 12 months of capital left, you're in the red zone. Now, does that mean you need to hit go and speak to every venture firm with exactly 365 days, you know, to go? No. But it means your strat…”
Loverro: Marketing dollars are more effective in downturns as CAC falls
“The marketing spend that you have now is so much more powerful Then the marketing spend you had say during 21. Why? Your competition has pulled back. They're not bidding on keywords. So the CAC is down.”
Loverro: Ten-Day Fundraising Deadlines Work Best After Prior Relationship Building
“10 days is a good deadline. Have a deadline. The only other thing I'd add though, is if you really want people to have maximum conviction, 10 days is like the detailed diligence, but if they understand the business and they have a relationship with you, have t…”