Reports
Field notes on startup finance, equity, and venture capital.
Limited Partners are picky, slow, and increasingly selective. Here's what the latest data says about how funds actually get raised — and what emerging managers need to know.
The Stripe letter said agentic commerce was coming. Here's the actual infrastructure being built to make it work — and what founders should pay attention to.
The most consequential financial choice most startup employees make — and the one almost nobody is prepared for. Here's how to think through it.
One number on a term sheet can erase millions in employee equity at exit. Here's what to actually look for — and what to push back on.
The seat-based pricing that built SaaS doesn't work for products where the AI does the work. Here's what's replacing it — and what founders need to know now.
Patrick and John Collison shipped a 9,000-word letter. Here's what matters if you're building in fintech or thinking about it.
Founders are raising more, on different instruments, and giving away more equity than they think. Here's what the data actually says — and what to do about it.