uncapped SAFEs aren't founder friendly. they're a sign you're too scared to put a number on what you're building
angels who know what they're doing hate them. the ones who don't will figure it out and feel burned.
specific valuation. limited allocation. a window that actually closes.
that's the difference between a round that fills and one that drags forever.
@cyantist This is a cool way to think. bandits were shit scared of the Knights templar because they were basically fanatics and would die protecting their oaths.
I was featured in the @nytimes this week. They asked me what reasons I've seen VCs pass on founders for.
There's an unspoken language in startup land called "anti-signal" ... these are the subtle red flags that make an investor not want to invest.
I don't agree with all of them, but these are the ones I've seen after talking with hundreds of VCs:
1. You took part in a pitch competition (why are you on a stage competing for $10,000?)
2. Your deck is too polished (signals you are desperate for capital)
3. You're too available (the more available you are, the less valuable your time looks)
4. You reply too slowly (speed is an edge. Slow responses read as low competency.)
5. You have a bad eye for design (in consumer, taste is everything)
6. Your writing is full of AI tells (outsource your voice, and they wonder what else you've outsourced)
7. You don't know your numbers (TAM, CAC, retention, burn. Self-explanatory.)
8. You're "always fundraising" (always fundraising reads desperate, and never building)
9. You say you have no competitors (reads as naive and under-researched)
10. You're raising too late (two months of runway signals desperation and bad planning)
11. You have low energy (early on, the founder is the product. If you can't bring conviction, why should they?)
I don't agree with all of these, but this is what I've seen in the field.
Part of being a venture-backed founder is learning to play the fundraising game and knowing when to challenge the assumptions behind it.
What did I miss?
P.S. the good VCs will know how to look beyond these anti-signals ;)
The official cause of death for Lilo & Stitch actress Daveigh Chase has been released nearly two weeks after the former child star died at age 35.
According to the Los Angeles County Medical Examiner, Chase's primary cause of death was acquired immunodeficiency syndrome (AIDS), with chronic polysubstance use—a long-term pattern of using multiple substances—listed as a contributing condition. Her manner of death was ruled natural.
Chase was best known for voicing Lilo in Disney's Lilo & Stitch and for her chilling performance as Samara in the horror film The Ring.
@albertwenger I think @satyanadella was pushing on the ecosystem effects recently. I think for frontier I've yet to find an open model that compares to top closed models but we are getting closer.
1/ Today we're launching universal wallet funding in Openfort.
Your users top up once, in whatever token they have, on whatever chain they're on — and it arrives in your app as the exact token you need.