Thought Leadership Threads

You’re probably familiar with SAFE notes if you’re an early stage Founder or Investor.

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But did you know that later stage Investors and Founders are also using SAFE notes?

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And have you figured out that later stage SAFEs can create real downstream problems for a startup? 🧵👇

Startups that have clean narratives and “up-and-to-the-right” results can generally raise capital with minimal friction.

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But a fundraise takes on an entirely different form when a startup has “asterisks” that complicate the story.

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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.

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While great investments generate great returns, being indifferent to price is a function of sloppy thinking.

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A useful mental model that great Investors use:🧵👇

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Underfunding a startup is risky because downstream capital might not be there if the startup hasn’t made material progress.
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It’s a terrible idea to fund a plan that only gets a startup 80% of the way to Mars!

Here's why:🧵👇

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People are curious how the “pandemic vintage” of startups is going to perform.
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Are returns going to collapse because entry points are 3-5X what they were years ago?
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Will the public markets correction crush returns?
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A 🧵about how "Opportunity = Value – Perception"

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Early stage investors have gotten really creative over the past few years with the rights they’ve negotiated in their deals. But guess what? In today’s market the rights aren’t being honored like the Investors expected. A quick thread on what’s going on and why:

I asked a number of institutional LPs that invest in VC funds what they thought about the recent rise in exit valuations and if the resulting VC results were going to impact their view of managers and allocations.

You might be surprised about what they said! Unpacked: