Also just from a pure capitalism perspective: the alchemy of finance is disaggregating risks and selling them at a fair price to the people who want to buy them. Market risk in early stage startups is a product for which there is a liquid market with many happy buyers.
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Doing a startup means not being able to quit after a year or two. It’s the structure we’ve landed on, to keep some measure of institutional knowledge around. It’s not painless, it’s not without potential reward, it’s infinitely preferable.
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When I were a founder, we used to wake up in a shoebox, in middle o’ road!
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And I was in the shoebox next door!
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I’m interested to see if that changes in the next down market. I do think one of the great YC innovations is the series b/c founder being able to take a million bucks off the table. I do know several Tokyo angels who won’t invest if the founder takes >6M jpy/year pre real rev.
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