Disrupting disruption with disruptive disruptions since 2010.
The process of narrowing your target market to a smaller, more specific segment rather than trying to serve everyone. What pivoting looks like when you finally accept your TAM assumptions were delusional.
The magical realm where scientists play God with DNA and investors play roulette with their portfolios. Short for biotechnology, it's the industry that promises to cure cancer, extend your lifespan, and justify obscene R&D budgets—all while burning through cash faster than a lab incinerator. Whether it's CRISPR gene editing or synthetic biology, biotech is where biology meets business and hope meets hype.
Lifetime Value—the total revenue a customer generates before churning, which you compare against acquisition cost to pretend your business makes sense. Usually wildly optimistic because it assumes customers stick around forever.
A provision in IPO underwriting allowing underwriters to sell additional shares if demand exceeds expectations, typically up to 15% more. Named after the first company to use it, because finance people hate straightforward names.
The first real money a startup receives from external investors, typically ranging from $500K to $2M, given in exchange for equity to entrepreneurs brave (or delusional) enough to think their idea will change the world. This is the stage where your pitch deck matters more than your product, and your co-founder's LinkedIn connections matter more than your revenue. Named 'seed' because most of these investments will never grow into anything, much like actual seeds.
The continuous addition of new features to a product beyond its original scope, usually resulting in bloated, confusing software that pleases no one. The disease killing promising MVPs since software began.
Warrants or stock options added as sweetener to a debt deal, giving lenders upside if the company succeeds. Because apparently charging interest isn't enough—they want a piece of the action too.
A provision forcing minority shareholders to join a sale if majority shareholders approve it, preventing holdouts from blocking acquisitions. Democracy dies in shareholder agreements.
Moving to build or sell products at a lower layer of the technology infrastructure, typically where margins are thinner but the market is larger. Often happens when companies realize their original niche is too small.
Optimistic individuals who voluntarily choose unemployment with extra steps, convincing themselves that working 80 hours a week for no salary is better than working 40 hours for someone else. They're essentially professional risk-takers who transform caffeine and delusion into businesses, with a success rate that would make a Vegas gambler nervous. Society celebrates them when they succeed and conveniently forgets them when they fail.
A wealthy individual who invests their own money in early-stage startups, typically because they're either bored with normal investments or enjoy the thrill of watching their cash evaporate in creative ways. These financial guardian spirits usually write checks between $25K and $100K in exchange for equity, mentorship duties they may or may not fulfill, and the right to say 'I invested in that' at cocktail parties. They're called angels because founders pray for them, not because they're particularly heavenly.
A term in VC fund agreements where once LPs get their initial investment back, GPs get an accelerated share of profits until their normal split is reached. Basically letting the manager 'catch up' to their 20% after paying back investors.
A venture capital fund owned and operated by a larger corporation to invest in strategically relevant startups. They bring money and potential acquisition interest, but everyone knows who they're really working for.
The cultural expectation in startup ecosystems that successful entrepreneurs and investors should help newcomers, supposedly creating a virtuous cycle. In practice, it's often networking disguised as altruism.
Unsolicited outreach to investors or customers who have no idea who you are and probably don't care. The digital equivalent of knocking on strangers' doors, with similar success rates.
When a startup raises funding from institutional VCs after initially bootstrapping or taking only angel money. It's like moving from community college to the Ivy League, complete with higher expectations.
An experienced executive or advisor brought into a startup to add operational credibility and grown-up supervision to a young founding team. Think adult daycare, but for unicorn hopefuls.
Investment opportunities sourced through unique channels rather than pitch competitions and cold emails, giving VCs the illusion they've discovered something competitors haven't. Usually just means they have better interns.
A funding round where only existing investors participate, with no new outside investors joining. It's either a vote of confidence from believers or a sign that no one else wanted in.
The strategy of perfecting product-market fit and unit economics in one market before expanding broadly. It's the anti-blitzscaling approach that prioritizes learning over land grabbing.
The practice where investors force a startup to create or expand the employee option pool before a funding round, effectively diluting founders rather than new investors. It's a clever way to pay employees with founder equity.
The lower compensation that employees accept to work at mission-driven startups or in attractive industries like gaming or entertainment. Employers exploit your dreams to underpay you.
The exhausting process of pitching multiple venture capital firms on Sand Hill Road in Menlo Park, often receiving similar feedback and soft rejections. It's speed dating for capital, and you're getting ghosted.
A go-to-market strategy dependent on human sales teams to drive customer acquisition, typical in complex B2B products with long sales cycles. The opposite of letting the product sell itself.