Sublime

Together, these sources of capital are called limited partners, or “LPs.” Much as startups raise money from VCs, VCs raise money from LPs. The venture capitalists will try to convince an LP’s investment committee that their approach to startup investment opportunities, their team’s judgment and experience, and their fund’s assistance will produce a

After you’ve met with a dozen angel investors, it’s time for you to start looking for “proprietary deal flow,” which is to say, deal flow that is yours—not the public stuff on AngelList, on FundersClub, or at Y Combinator’s demo day.

This table reinforces a lesson I've emphasized several times in this book: Investing in early stage, pre-profitable companies is risky, with only a small minority of companies having significantly successful outcomes. And because it's impossible to tell up front exactly which of the companies will be the home run with the 20x return, it means that