venture capital

Distinguish capital that builds value from capital that merely shuffles ownership.

Overwhelm competition by stuffing portfolio companies with 3-4x more capital than asked

Smart people thinking you're crazy is the moat signal, not a red flag

Master the two things that matter in any venture deal: how the economics work and who has control of the company

Every venture deal term maps to economics or control - master both to negotiate from strength

Every venture deal term maps to economics or control - master both to negotiate from strength

Every venture deal term maps to economics or control - master both to negotiate from strength

Every venture deal term maps to economics or control - master both to negotiate from strength

Drive real value through talent, introductions, and existential counsel

Maximize expected value through asymmetric high-risk investments

Understanding how VCs get paid, how their funds work, and what drives their behavior gives founders an information advantage

Competition is power: the number of interested VCs determines your negotiating position more than any tactic

Strip away the noise of a venture deal and you are left with exactly two levers: economics and control

The eight-page document that determines your company's future comes down to economics and control

A small number of events account for the majority of outcomes

Focus ruthlessly on the exponential few, not the mediocre many