We're the YC alumni launching Foundry
We create, grow and operate franchise systems - helping local businesses become the next McDonald's
Franchising is a massive part of the economy, but it's been gatekept by expensive, regulated, diverse human knowledge work
Until now...
I acknowledge that I am on the traditional, sovereign and unceded territory of the proud Dominion of Canada, composed of newcomers that began with the arrival of aboriginal people thousands of years ago, followed in turn by the French, the English, the Irish and the Scots and continuing to the present day with people from nearly every corner of the earth. What brings us together in unity is a commitment to freedom and equality and a desire to forge from these disparate peoples a common citizenship based on time-tested traditions, mutual respect, the rule of law and the values of the Enlightenment that have made us one of the most successful and admired societies in the world. God bless Canada.
if you ever happen to find yourself shitting in your own car
because you are mad at elon musk about politics
consider for a moment you may be mentally ill
in theory, there are a ton of venture funds that write inception stage checks into a bunch of ambitious companies with very minimal overlap (i.e. taking idiosyncratic risk)
in practice, there are a ton of small venture funds that are trying to stay in business and make investment decisions on the basis of what they believe other a lot of investors like (esp megafunds), as this is the most reliable way to produce paper markups (and hopefully soon secondaries for liquidity, that other VCs or FOs will buy from them) to continue to persuade LPs to invest in their funds. This leads into more money going into less ideas and less companies (the numbers support this btw) i.e. it effectively orientates the market to invest in things megafunds like, who explicitly don’t take market risk at early-stage (which is the opposite of the idiosyncratic risk early-stage small funds ought to be taking)
(tangentially, many of best positions, both in terms of $$ raised and real traction, went through periods where no one wanted to give them money, so not really a “them problem”)
Who benefits from Higher Rents from more Immigration?
Who benefits from more people arriving while Unemployment is RISING?
Who benefits from kick starting higher Real Estate Values with the return of Immigration?
I know who DOESN'T BENEFIT: Young Canadians
5/
One of the things the data analysts on our side obsessed over was "composition"—whether the electorate looked close enough to 2024 for Republicans to win. And despite polls that showed a Democrat blowout, the data kept on telling us the same story: in some states turnout was merely OK, in other states it was downright amazing, and in no state was it catastrophic. There was a genuine sense of optimism on our team: our people were showing up.
So, I asked the smartest data guy I know, does that mean we're going to shock the world? "No," he told me. "We might do better than the polls suggest. But the data is telling us that a lot of Trump/Vance 2024 voters are pissed and planning to vote for the other guys. Our voters are turning out, but they may not vote for us."
Well, that looks prophetic now. Our voters did show up. In Florida, for example, the electorate was 9 points more Republican than Democrat, just a couple points worse than 2024. Undoubtedly there were places we could have done better on turnout. But the main problem is not turnout. The main problem is that many people who voted for Trump/Vance in 2024 voted for Democrats in 2026.
There will be a lot of infighting and arguing over what happened and why that is. One of the pollsters I really respect told me that our economic messaging wasn’t sharp enough down the stretch. I’m sure that’s true.
But the real reason we lost is obvious to almost everyone.
Another pollster—one of the smartest people I know in politics, told me yesterday we’d lose the generic ballot by 13 points. I felt negative going into Tuesday, but even I was shocked by this. In his polling, he saw that a lot of Trump 2024 voters were angry and planning to vote for Democrats. He asked those voters who had abandoned us what would cause them to come back on our team. The top four answers, accounting for nearly all of the responses were:
1) End the war
2) Focus on cost of living/inflation
3) Put America First
4) Change our relationship to Israel
Our voters showed up. And the above four reasons are why many of them voted for Democrats. This is according to a pollster who nailed the results. While many spent Monday attacking Rachel Campos Duffy for calling for a diplomatic resolution to the conflict, it turns out her political advice was sound. (She’s also a great person.)
In the next few months, there's going to be a lot of gaslighting. Expect to hear any number of establishment politicians say the solution to our woes is amnesty. I'm open to the idea that we should change enforcement—by focusing more on businesses that hire illegal labor, for instance. But anyone pushing amnesty is lying to you.
The reason we lost is the war. The president himself said so last night.
If you'd like to argue it was worth it, that losing the Senate for the next 6 years was worth it, then do so. Argue it was a worthwhile cost to pay. Agree or disagree, that's at least honest.
But everyone knows why we lost. And any honest conversation about where we go from here must start there.
I remain hopeful about our country. To the people who are pissed off and want to say, “I told you so”: you’re right, you did tell us so. Take that energy into electing Republicans who share your worldview. To the people who are just pissed at the results, you should be. Let’s take that anger and get back to the work of saving our country.
@IlyaStrebulaev I would bet my entire net worth that YC has never confirmed revenue projections or conducted a multiple analysis, or considered MOIC or IRR, in 10,000+ investments
262 days.
It’s been 262 days since you were airlifted to BC Children’s Hospital.
262 days since we were told, “We did everything we could, but we don’t think she’s going to make it through the night.”
Since then, I’ve watched you fight for every single one of those days.
251 days ago, you opened your eye, moved it, and shifted your leg only to be rushed back for emergency surgery that morning when hydrocephalus set in.
238 days ago, you were extubated and breathed on your own for the first time.
230 days ago, you felt the sun on your face again.
224 days ago, the cranioplasty we had planned turned into yet another emergency when an infection was discovered.
214 days ago, your EVD was finally removed.
213 days ago, you sat on the edge of the bed with a little help, and I wrapped my arms around you for the first time since the morning I left for work before any of this began.
191 days ago, the NG tube came out, and I saw your beautiful face completely clear of tubes and tape.
179 days ago, your prosthetic skull was placed. Your fifth surgery, and the one that finally stuck. After that, things slowly began to feel possible again.
145 days ago, you smiled for the first time (intentionally) while we played thumb war.
140 days ago, I wheeled you off hospital grounds for the very first time.
61 days ago, I heard your voice again.
40 days ago, we celebrated your 13th birthday at the Foo Fighters.
And today, today you’re being released.
There was never a day I stopped believing we would get here. The road ahead is still long, but this is a milestone no one thought we would reach. Maya, you are the bravest person I know. You are an inspiration to so many people. Giving up was never an option for me, and it clearly never was for you either. You refused to accept the words we heard 262 days ago when you came out of the OR. Look at you, my girl. You blew every expectation out of the water.
Thank you to the incredible nurses, doctors, and therapists who walked every step of this with us. Thank you to everyone who supported Maya and our family we could not have done this without each and every one of you.
Now it’s time to leave these hospital walls behind and keep moving forward, Maya Bear.
I love you forever and always.
—Dad ❤️
@MikePMoffatt "Studying" is itself a big stretch
These people were buying a path to permanent residency
There was minimal studying
https://t.co/pFJ6mvXTav
Fun fact - I taught at Conestoga for exactly 1 week earlier this year
Sketchiest experience ever; I quit after just 1 class
I had interviewed 2+ years prior - for exactly 30 minutes - and was emailed an offer to teach several weeks before the class began
I had no phone/video calls or any kind of training or onboarding
When I called into the main line to attempt to speak with any of the people in my department, I was told they did not have Conestoga phone numbers and could not accept calls
Regardless, I love to teach, so I took the role
The material provided was awful
I was told the wrong room number, and had to go up and down floors trying to find my class
The AV/equipment did not work
Out of 40 people enrolled for the first class, 5 showed up on time
Another 20 trickled in late over the next hour
100% of them were from one specific foreign country
With respect to these kids, they had zero interest in engaging with any of the material and were content to talk the whole time I was speaking
I quit just one week later
... and now - with no contact in the last year - they are offering me the chance to teach another course next year
What do you think, should I take it?
Ghosting optimizes for the short term
Thoughtful responses take time, and VC's are genuinely busy
Taking the time to follow up optimizes for the long term
It helps grow a relationship that could ultimately be beneficial to the investor down the road, even if they never invest in that specific company
I'm an LP in a bunch of funds and see a ton of early stage dealflow as an angel investor
Guess who I don't share it with?
Investors that ghost