v3 Winter Tour 2019 LOS ANGELES
4 years ago we kicked off an experiment to define and shape a path of funding distinctly different from the one size fits all venture model of blitzscaling, breaking things and billion-dollar valuations. Despite that model working for the dozen or so companies a year that drive returns for the venture industry, we believed there were hundreds, even thousands, more ambitious founders that could thrive if they didn’t have to continually ask investors for permission to exist.
We wanted a path that gave founders time to deeply understand the levers of their business and the needs of their customers that can only come from focusing on profitability and revenue growth. We wanted founders to experience that the constraints of scarce resources could become superpowers as they began to scale. We wanted founders to see beyond a binary world of “going big or going home” into a world full of alternative outcomes that wouldn’t require them to trade a lifetime of ownership and optionality for a seed round today.
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