Buhler: First-time founders are completely uncalibrated on valuation expectations
Constantine Bueller · Inside the $4.5B Startup Building Brain-Inspired Chips for AI · Sourcery with Molly O'Shea · Feb 7, 2026 · at 35:09
Sequoia Capital partner Konstantine Buhler reflects on how first-time versus repeat founders handle company valuations and expectations.
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“I find first time founders are zero percent calibrated to that type of thinking, and a few years in it is very difficult for them. And then repeat founders, of whom I work with several, always have a very similar logic because they've seen what happens, even if it's not to them, to their friends, once they've set those expectations, and even if they surpass it doesn't feel as good for the entire company, or if they fall short, it feels much worse.”
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