The Unicorn Benchmark Is Dated
When your life-changing exit doesn’t put a dent in your investor’s fund, incentives misalign fast.
When your life-changing exit doesn’t put a dent in your investor’s fund, incentives misalign fast.
I’m skeptical of many startup “rules.” But trusting in exceptional founders has rarely led me too far astray.
Venturing in Public – 3/20/25
In looking at the portfolio recently, I was surprised to see that our DTC portfolio – ranging from baby toys to cat food, furniture, skin care, and more – will do over a billion dollars in sales this year. A billion in sales!
Think of each funding round as part of an ongoing strategy—a multi-stage game, where every decision has ripple effects on the long-term trajectory.
The next year will be challenging for startups. Promising companies will struggle. Many will fail. The only consolation is that the “era of indifferent capital” is coming to a close — may it never return.