So, as a builder, you must learn to gain confidence from doubt. And you must remember, nothing extraordinary is ever achieved through ordinary means.

Effective fundraisers have mastered the art of risk framing, demonstrating the ability to clearly articulate the risks associated with each milestone. And then, reassure the investors on how they will meet each one of them. In return, investors have developed standardized expectations for each round of fundraising.

In that context, the onion theory ... See more

As a founder, the goal then becomes to metaphorically peel each layer of the onion — Each fundraising milestone turning into a set of risks being evaluated and sidelined. The earliest investors become the partners to help figure out what to focus on. Good pre-seed angels and investors are often described as “having taste” for good startups — In tru... See more

Social as a model works when people have about as much to offer as they want to receive along a given axis. But no trait is distributed uniformly; there are are outliers in the nice-to-look-at, nice-to-listen-to, nice-to-read, nice-to-get-stock-tips from axes, there's a population that can offer a respectable performance with these traits, and ther... See more

Last week, Brad Gerstner and Bill Gurley discussed how Tech has grown from 5% to 15% of global GDP over the last 15 years, largely owing to faster growth rates.

As software companies get fitter and stack new S-curves of growth, later stage companies become highly effective capital allocators - which is why we’ve seen Tech outstrip the rest of the ec... See more

The most contrarian bet in venture capital right now is Thrive’s investment in OpenAI at an $80B valuation.

Before you bring your pitchforks against me or wonder if I’ve gone crazy, let me explain.

You can be contrarian in two ways:1

1. Having a different POV than the mainstream


2. Having 100% conviction in the mainstream POV and doubling down on it in a way

... See more

Having this vessel that you’re motivated to fill encourages being more observant and analytical in daily life too.

I won’t expand on the onion theory itself, but it roughly follows the following sequential steps:

Team Risk: Is the team capable of executing their vision? Will the team work together effectively?

Building Risk: Can they develop a viable product?

Market Risk: Is there a substantial market for the product? Will customers use and pay for it?

Go-To-Market... See more