Sublime

Following Hernando de Soto, we see capital as “economic potential energy”; a stock of crystallized and stored time; the memory of experimentation and discovery; a tool allowing us to not need to work completely from scratch, and shared in a common language to spare us equally from isolation.

A short-lived capital stock will manifest in accelerated depreciation and a fragile capital structure will incur an undue interest charge.

Capital is whatever can be transformed or used to produce goods that satisfy human wants. It can be stored, deployed, and accumulated, because it is productive.

A startup that has either (a) six months of continuous user growth or (b) six months of revenue A startup that has notable investors A startup that, post-funding, will have eighteen months of cash remaining, commonly referred to as runway (ask the founder and syndicate lead how many months of runway they will have post-funding)