Zombie VCs are surging: 25% fewer active investors in 2024 vs 2023, and 50% down from 2021's peak. These funds can't make new investments, but their short-term focus can still cause major problems for founders in their portfolio.
This chart tells an important story for early-stage founders. Only 10% of startups that raised a Series A in 2022 have raised a Series B two years later. That drop of nearly 2/3 from 2018 represents a brutal cliff for founders.
This chart is a perfect illustration of the pain still to come in venture. The explosion of ‘unicorns’ in 2021
Most businesses aren't a good fit for venture capital. Picking the right sources of funding is one of
In the coming wave of AI-related disruption, we can enable entrepreneurship and unleash the job-creating forces behind it. We need to learn from the past to set the right policies for the future.
Exploring the consequences of prioritizing short-term gains over long-term trust and transparency in the startup world, as illustrated by Substack's recent fundraising approach.
The explosion of AI over the past six months is just the start. This innovation will shake the very foundations of many business models in the coming decade.
Stay in control of your startup. Stay focused on investing in profitable, scalable growth. Extend your runway as much as possible, staying default investable if possible, but always with a path to default alive.
If you're interested in the inner workings of the venture capital industry, paying attention to the proposed WeWork
You should be paying attention to the story of the collapsing WeWork IPO. It's a fascinating look at
When I see 99% destruction in value in a once high-flying startup, there must be some useful lessons in there
I have a few headshots that I use as profile photos on my many email, Slack, and social media accounts.
