If you're interested in the history of YC, I think this book is good. (I say "I think" because I haven't read all of it, but the bits I've read seem pretty good.) https://www.amazon.com/Launch-Pad-Inside-Combinator/dp/1591846587 …
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Do the funds have the classic VC structure of 2% mgmt fees / 20% carry? The majority of the support in accelerators are upfront - did you adjust the fund structure to reflect that? (ie take the mgmt fee upfront)
No, we got better terms than that. I don't remember exactly what they were though. The LPs will make a lot of money.
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Absolutely! It’s the accelerator ops conundrum - having enough cashflow until your success either (1) brings in money through exits (2) attracts a large enough fund and/or (3) skews the power dynamic to get better terms on the fund Thanks for the insights
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