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Two months ago I talked to a founder whose startup had been hurt by Covid and was in the fatal pinch (http://paulgraham.com/pinch.html ). But she sought out new sources of revenue and saved the company. Now she says "Things are looking up and we should have a strong year!"
At least half the danger of the fatal pinch is the way it sneaks up on you. You don't see how much trouble you're in till it's too late. So if your startup isn't profitable yet and you expect investors to save you, it would be worth at least asking if you're in the fatal pinch.
Reminds me of your great concept "default alive" vs "default dead"
"The fatal pinch is default dead + slow growth + not enough time to fix it." (http://paulgraham.com/aord.html )
Yeah, one way or another, the capital didn't disappear. It just got re-routed or would come from other means. Toughest part seems to be getting the initial capital to pivot.
Wow PG this writeup. You, Sir, are a treasure to the startup community. Thank you.
In there you say you "try to resist coining phrases" - why?
It's kind of immodest. It's part way toward claiming credit for discovering an idea. And it makes work for people, because they now have to remember the definition of this phrase you're going to use.
This was an excellent article Paul.
Great reading.
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