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 11 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
Hecht: Consumer tech success is 60% to 80% luck
“I actually think that a lot of things in kind of consumer
Are generally somewhere between, call it like, 60 to 80% luck, and then, you know, 20 to 40% executing against that luck.”
Hecht: VCs lacking operating experience have zero business advising founders
“I think that many investors have absolutely zero business trying to tell entrepreneurs what to do at all. I felt that way as an entrepreneur. I feel that way as an investor. They just either haven't done the fucking thing. Or they haven't been around long enou…”
Hecht: Founders face confidence crises after successful exits
“After they do their first thing particularly if it's, you know, somewhere between very successful to mildly successful, have this crisis of confidence of, did I deserve that? Like, was this a fluke? And so much of your identity And kind of self-worth is tied u…”
Hecht: Rushing post-GroupMe prevented deliberate thinking about his next startup
“Part of that was informed by the fact that, you know, when I left GroupMe to start Fundera I very often felt while reflecting on that process that I didn't take enough time and I wasn't deliberate enough about what I wanted to do next and perhaps maybe even ha…”
Hecht: USV avoids investing in companies requiring gatekeeper permission
“USB doesn't really love to invest in companies that require permission to do the thing that they want to do. Like we don't like to have to help entrepreneurs slog through dealing with a bunch of gatekeepers. We like when they can go directly to the end custome…”
Hecht: Founders romanticize startups, suppressing the 90% to 99% that is hardship
“When you reflect on your experience building companies, you really romanticize it a lot. You kind of remember all the glorious achievements and fun times and like milestones, and you suppress all the terrible shit that you've endured and all the fucking trauma…”
Hecht: USV provides pro-rata bridge support 100% of the time
“I've seen this firm support companies when they need to be bridged, when they need to, an entrepreneur needs USB to do its prorata in order to look good or to get somebody else on board a hundred percent of the time.”
Hecht: USV avoids consensus deals and never leads $30M Series As
“Part of it is it's a small fund, which means that like, we don't do heat seeking things. Like if a company is extremely hot and kind of down the middle and consensus, and it's, you know, someone wants to write a thirty million dollar series, a check another th…”
Hecht: VCs avoid honest feedback because they fear hurting their reputation
“I think a lot of investors are extremely tepid about doing both those things. Because reputation matters a great deal in this industry. In fact, reputation can ultimately be everything arguably matters most in this industry. And why would you want to do someth…”
Hecht: GroupMe retains 25 to 30 million monthly active users
“There have barely been any changes made to the thing over the course of the past decade, but for some reason, nearly every college student in the country uses it. It's got like 25 or thirty million monthly actives, and it just won't go away.”