venturecapital

Back in 2015 some of these startups were ridiculous. They had a real business, but I predicted many would either have a megacorp make competing products with better synergy, or be acquired. I worked for a particular one that I was convinced was in a market with real TAM, but 10 years later its basically an app on AWS.

Today, I'm convinced the current crop of startups is even worse and the only way they're funded is nepotism. They're lifestyle apps, or drop shipped products, or Instagram but for a specific niche. None of these can scale to billions of people, so I'm not sure how it's even defined as a startup or even a business, nor how investors who care about returns would give these businesses money.

To me, even in good faith calling this "betting on the founder" really is just nepotism. My worry is I said this was bad 10 years ago but today it's gotten worse and not better, and there's no way to say it's not capital destructive.

you probably don’t think about liquidity enough // it is what it is  // build value, not valuation

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😅 not that deep! I'm just a shape rotator pretending to be a wordcel.