I'm seeing more founders put together "investment memos" as fundraising material. It's a good idea. But too many of them read like book report summaries. Founders if you are going to write a memo, make sure it reads like a thesis: 1) How you developed your... See more

It is therefore a big mistake for early stage startups to conceal the risks they face by being vague or evasive. You're hiding something that won't bother experts using something that will. Just admit the risks upfront, and explain why the EV is high nonetheless.

One of the bravest and most disciplined companies I’ve worked with sent investor updates every month with “$0 revenue” at the very top. They sent it consistently every month for more than an year and never made excuses. They said “this isn’t good enough and here’s what we’re doing to try to change... See more