Thought Leadership Threads
You’re probably familiar with SAFE notes if you’re an early stage Founder or Investor.
But did you know that later stage Investors and Founders are also using SAFE notes?
And have you figured out that later stage SAFEs can create real downstream problems for a startup? 🧵👇
The startup ecosystem is finally seeing good companies come to market again.
But after a year of focusing on costs and runway, some startups aren’t exciting anymore. Many startups that try to raise will hear: “We want more proof!”
Here’s what you need to know about proof:🧵👇
At a startup, stock options can be lucrative depending on the success of the company.
With valuations down, Founders are asking to reprice historical options.
Here’s what it means, why it’s important and when it’s appropriate.
Startups that have clean narratives and “up-and-to-the-right” results can generally raise capital with minimal friction.
But a fundraise takes on an entirely different form when a startup has “asterisks” that complicate the story.
Unfortunately, asterisks are now the norm!🧵👇
The biggest fallacy in the Startup world is to believe that the entry price for a great investment is irrelevant.
While great investments generate great returns, being indifferent to price is a function of sloppy thinking.
A useful mental model that great Investors use:🧵👇
There’s a major structural flaw in how the VC ecosystem works that we don’t talk about enough.
It’s a flaw that creates confusion and bad advice for Founders.
And it’s a flaw that makes no sense when you dissect it. 🧵👇
2022 was more of a body blow than a knockout punch to #Founders and #VCs.
Most Founders will stagger to their feet and strategize with their Investors.
So while the next 12 months will feel like 12 more rounds, it’s a fight that can be won.
8 predictions for 2023: 🧵👇
People are curious how the “pandemic vintage” of startups is going to perform.
Are returns going to collapse because entry points are 3-5X what they were years ago?
Will the public markets correction crush returns?
A 🧵about how "Opportunity = Value – Perception"
The past week was brutal for anyone holding stocks or crypto. Everything corrected and then corrected more. 💥😵💫💥
Some voices are shouting “buy the dip” while others are predicting the beginning of “a crypto winter”.
My framework for thinking about “corrections”: 🧵👇