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.