It's not for founders, but it is for VCs. A subtle but important distinction that also shapes the patterns we see in many other spaces.

It's not for founders, but it is for VCs. A subtle but important distinction that also shapes the patterns we see in many other spaces.

https://x.com/tszzl/status/1795349994113057041

(and when it isn't for VCs it is for LPs, etc)

Lots of people doing major projects are genuinely fine only getting $1M instead of $1B. Problem is, people who are willing to give $5M startup capital for a chance at $1M (instead of $1B) are much rarer.

Yep. Many of the projects are still just features for acquisition rather than swing for fences unicorn bets but most VCs aren’t in business of making small sustainable businesses