I've worked in a People role at seven early-stage firms for over 15 years (I enjoy chasing a dream!). Few of the seven achieved profitability, including unicorn status or acquisition.

Did early-stage startups share anything? Was there a difference between winners and losers? YES.

I support founders and entrepreneurs building financially sustainable enterprises with a compelling cause. This isn't something everyone would do. A company's success demands more than guts. Founders drive startup success.

Six Qualities of Successful Startups

Successful startup founders either innately grasped the correlation between strong team engagement and a well-executed business model, or they knew how to ask and listen to others (executive coaches, other company leaders, the team itself) to learn about it.

Successful startups:

1. Co-founders agreed and got along personally.

Multi-founder startups are common. When co-founders agree on strategic decisions and are buddies, there's less friction and politics at work.

As a co-founder, ask your team if you're aligned. They'll explain.

I've seen C-level leaders harbor personal resentments over disagreements. A co-departure founder's caused volatile leadership and work disruptions that the team struggled to manage during and after.

2. Team stayed.

Successful startups have low turnover. Nobody is leaving. There may be a termination for performance, but other team members will have observed the issues and agreed with the decision.

You don't want organizational turnover of 30%+, with leaders citing performance issues but the team not believing them. This breeds suspicion.

Something is wrong if many employees leave voluntarily or involuntarily. You may hear about lack of empowerment, support, or toxic leadership in exit interviews and from the existing team. Intellectual capital loss and resource instability harm success.

3. Team momentum.

A successful startup's team is excited about its progress. Consistently achieving goals and having trackable performance metrics. Some describe this period of productivity as magical, with great talents joining the team and the right people in the right places. Increasing momentum.

I've also seen short-sighted decisions where only some departments, like sales and engineering, had goals. Lack of a unified goals system created silos and miscommunication. Some employees felt apathetic because they didn't know how they contributed to team goals.

4. Employees advanced in their careers.

Even if you haven't created career pathing or professional development programs, early-stage employees will grow and move into next-level roles. If you hire more experienced talent and leaders, expect them to mentor existing team members. Growing companies need good performers.

New talent shouldn't replace and discard existing talent. This creates animosity and makes existing employees feel unappreciated for their early contributions to the company.

5. The company lived its values.

Culture and identity are built on lived values. A company's values affect hiring, performance management, rewards, and other processes. Identify, practice, and believe in company values. Starting with team values instead of management or consultants helps achieve this. When a company's words and actions match, it builds trust.

When company values are beautifully displayed on a wall but few employees understand them, the opposite is true. If an employee can't name the company values, they're useless.

6. Communication was clear.

When necessary information is shared with the team, they feel included, trusted, and like owners. Transparency means employees have the needed information to do their jobs. Disclosure builds trust. The founders answer employees' questions honestly.

Information accessibility decreases office politics. Without transparency, even basic information is guarded and many decisions are made in secret. I've seen founders who don't share financial, board meeting, or compensation and equity information. The founders' lack of trust in the team wasn't surprising, so it was reciprocated.

The Choices

Finally. All six of the above traits (leadership alignment, minimal turnover, momentum, professional advancement, values, and transparency) were high in the profitable startups I've worked at, including unicorn status or acquisition.

I've seen these as the most common and constant signals of startup success or failure.

These characteristics are the product of founders' choices. These decisions lead to increased team engagement and business execution.

Here's something to consider for startup employees and want-to-bes. 90% of startups fail, despite the allure of building something new and gaining ownership. With the emotional and time investment in startup formation, look for startups with these traits to reduce your risk.

Both you and the startup will thrive in these workplaces.

University entrepreneurship is like a Willy Wonka Factory of ideas. Classes, roommates, discussions, and the cafeteria all inspire new ideas. I've seen people establish a business without knowing its roots.

Chicken or egg? On my mind: I've asked university founders around the world whether the problem or solution came first.

The Problem

One African team I met started with the “instant noodles” problem in their academic ecosystem. Many of us have had money issues in college, which may have led to poor nutritional choices.

Many university students in a war-torn country ate quick noodles or pasta for dinner.

Noodles required heat, water, and preparation in the boarding house. Unreliable power from one hot plate per blue moon. What's healthier, easier, and tastier than sodium-filled instant pots?

BOOM. They were fixing that. East African kids need affordable, nutritious food.

This is a real difficulty the founders faced every day with hundreds of comrades.

This sparked their serendipitous entrepreneurial journey and became their business's cornerstone.

The Solution

I asked a UK team about their company idea. They said the solution fascinated them.

The crew was fiddling with social media algorithms. Why are some people more popular? They were studying platforms and social networks, which offered a way for them.

Solving a problem? Yes. Long nights of university research lead them to it. Is this like world hunger? Social media influencers confront this difficulty regularly.

It made me ponder something. Is there a correct response?

In my heart, yes, but in my head…maybe?

I believe you should lead with empathy and embrace the problem, not the solution. Big or small, businesses should solve problems. This should be your focus. This is especially true when building a social company with an audience in mind.

Philosophically, invention and innovation are occasionally accidental. Also not penalized. Think about bugs and the creation of Velcro, or the inception of Teflon. They tackle difficulties we overlook. The route to the problem may look different, but there is a path there.

There's no golden ticket to the Chicken-Egg debate, but I'll keep looking this summer.

Higher startup valuations are often favorable for all parties. High valuations show a business's potential. New customers and talent are attracted. They earn respect.

Everyone benefits if a company's valuation rises.

Founders and investors have always been incentivized to overestimate a company's value.

Post-money valuations were inflated by 2021 market expectations and the valuation model's mechanisms.

Founders must understand both levers to handle a normalizing market.

2021, the year of miracles

2021 must've seemed miraculous to entrepreneurs, employees, and VCs. Valuations rose, and funding resumed after the first Covid-19 epidemic caution.

In 2021, VC investments increased from $335B to $643B. 518 new worldwide unicorns vs. 134 in 2020; 951 US IPOs vs. 431.

Things can change quickly, as 2020-21 showed.

Rising interest rates, geopolitical developments, and normalizing technology conditions drive down share prices and tech company market caps in 2022. Zoom, the poster-child of early lockdown success, is down 37% since 1st Jan.

Once-inflated valuations can become a problem in a normalizing market, especially for founders, employees, and early investors.

the reason why startups are always overvalued

To see why inflated valuations are a problem, consider one of its causes.

Private company values only fluctuate following a new investment round, unlike publicly-traded corporations. The startup's new value is calculated simply:

(Latest round share price) x (total number of company shares)

This is the industry standard Post-Money Valuation model.

Let’s illustrate how it works with an example. If a VC invests $10M for 1M shares (at $10/share), and the company has 10M shares after the round, its Post-Money Valuation is $100M (10/share x 10M shares).

This approach might seem like the most natural way to assess a business, but the model often unintentionally overstates the underlying value of the company even if the share price paid by the investor is fair. All shares aren't equal.

New investors in a corporation will always try to minimize their downside risk, or the amount they lose if things go wrong. New investors will try to negotiate better terms and pay a premium.

How the value of a struggling SpaceX increased

SpaceX's 2008 Series D is an example. Despite the financial crisis and unsuccessful rocket launches, the company's Post-Money Valuation was 36% higher after the investment round. Why?

Series D SpaceX shares were protected. In case of liquidation, Series D investors were guaranteed a 2x return before other shareholders.

Due to downside protection, investors were willing to pay a higher price for this new share class.

The Post-Money Valuation model overpriced SpaceX because it viewed all the shares as equal (they weren't).

Why entrepreneurs, workers, and early investors stand to lose the most

Post-Money Valuation is an effective and sufficient method for assessing a startup's valuation, despite not taking share class disparities into consideration.

In a robust market, where the firm valuation will certainly expand with the next fundraising round or exit, the inflated value is of little significance.

Fairness endures. If a corporation leaves at a greater valuation, each stakeholder will receive a proportional distribution. (i.e., 5% of a $100M corporation yields $5M).

SpaceX's inherent overvaluation was never a problem. Had it been sold for less than its Post-Money Valuation, some shareholders, including founders, staff, and early investors, would have seen their ownership drop.

The unforgiving world of 2022

In 2022, founders, employees, and investors who benefited from inflated values will face below-valuation exits and down-rounds.

For them, 2021 will be a curse, not a blessing.

Some tech giants are worried. Klarna's valuation fell from $45B (Oct 21) to $30B (Jun 22), Canvas from $40B to $27B, and GoPuffs from $17B to $8.3B.

Shazam and Blue Apron have to exit or IPO at a cheaper price. Premium share classes are protected, while others receive less. The same goes for bankrupts.

Those who continue at lower valuations will lose reputation and talent. When their value declines by half, generous employee stock options become less enticing, and their ability to return anything is questioned.

What can we infer about the present situation?

Such techniques to enhance your company's value or stop a normalizing market are fiction.

The current situation is a painful reminder for entrepreneurs and a crucial lesson for future firms.

The devastating market fall of the previous six months has taught us one thing:

1. Keep in mind that any valuation is speculative. Money Post A startup's valuation is a highly simplified approximation of its true value, particularly in the early phases when it lacks significant income or a cutting-edge product. It is merely a projection of the future and a hypothetical meter. Until it is achieved by an exit, a valuation is nothing more than a number on paper.
   

2. Assume the value of your company is lower than it was in the past. Your previous valuation might not be accurate now due to substantial changes in the startup financing markets. There is little reason to think that your company's value will remain the same given the 50%+ decline in many newly listed IT companies. Recognize how the market situation is changing and use caution.
   

3. Recognize the importance of the stake you hold. Each share class has a unique value that varies. Know the sort of share class you own and how additional contractual provisions affect the market value of your security. Frameworks have been provided by Metrick and Yasuda (Yale & UC) and Gornall and Strebulaev (Stanford) for comprehending the terms that affect investors' cash-flow rights upon withdrawal. As a result, you will be able to more accurately evaluate your firm and determine the worth of each share class.
   

4. Be wary of approving excessively protective share terms.
   The trade-offs should be considered while negotiating subsequent rounds. Accepting punitive contractual terms could first seem like a smart option in order to uphold your inflated worth, but you should proceed with caution. Such provisions ALWAYS result in misaligned shareholders, with common shareholders (such as you and your staff) at the bottom of the list.

On January 1, "Public Domain Day," thousands of creative works immediately join the public domain. The original creator or copyright holder loses exclusive rights to reproduce, adapt, or publish the work, and anybody can use it. It happens with movies, poems, music, artworks, books (where creative rights endure 70 years beyond the author's death), and sometimes source code.

Public domain creative works open the door to new uses. 400,000 sound recordings from before 1923, including Winnie-the-Pooh, were released this year.  With most of A.A. Milne's 1926 Winnie-the-Pooh characters now available, we're seeing innovative interpretations Milne likely never planned. The ancient hyphenated version of the honey-loving bear is being adapted for a horror movie: "Winnie-the-Pooh: Blood and Honey"... with Pooh and Piglet as the baddies.

Counterintuitively, experimenting and recombination can occasionally increase IP value. Open source movements allow the public to build on (or fork and duplicate) existing technologies. Permissionless innovation helps Android, Linux, and other open source software projects compete. Crypto's success at attracting public development is also due to its support of open source and "remix culture," notably in NFT forums.

Production memes

NFT projects use several IP strategies to establish brands, communities, and content. Some preserve regular IP protections; others offer NFT owners the opportunity to innovate on connected IP; yet others have removed copyright and other IP safeguards.

By using the "Creative Commons Zero" (cc0) license, artists can intentionally select for "no rights reserved." This option permits anyone to benefit from derivative works without legal repercussions. There's still a lot of confusion between copyrights and NFTs, so nothing here should be considered legal, financial, tax, or investment advice. Check out this post for an overview of copyright vulnerabilities with NFTs and how authors can protect owners' rights. This article focuses on cc0.

Nouns, a 2021 project, popularized cc0 for NFTs. Others followed, including: A Common Place, Anonymice, Blitmap, Chain Runners, Cryptoadz, CryptoTeddies, Goblintown, Gradis, Loot, mfers, Mirakai, Shields, and Terrarium Club are cc0 projects.

Popular crypto artist XCOPY licensed their 1-of-1 NFT artwork "Right-click and Save As Guy" under cc0 in January, exactly one month after selling it. cc0 has spawned many derivatives.

"Right-click Save As Guy" by XCOPY (1)/derivative works (2)

XCOPY said Monday he would apply cc0 to "all his existing art." "We haven't seen a cc0 summer yet, but I think it's approaching," said the artist. - predicting a "DeFi summer" in 2020, when decentralized finance gained popularity.

Why do so many NFT authors choose "no rights"?

Promoting expansions of the original project to create a more lively and active community is one rationale. This makes sense in crypto, where many value open sharing and establishing community.

Creativity depends on cultural significance. NFTs may allow verifiable ownership of any digital asset, regardless of license, but cc0 jumpstarts "meme-ability" by actively, not passively, inviting derivative works. As new derivatives are made and shared, attention might flow back to the original, boosting its reputation. This may inspire new interpretations, leading in a flywheel effect where each derivative adds to the original's worth - similar to platform network effects, where platforms become more valuable as more users join them.

cc0 licence allows creators "seize production memes."

"SEASON 1 MEME CARD 2"

Physical items are also using cc0 NFT assets, thus it's not just a digital phenomenon. The Nouns Vision initiative turned the square-framed spectacles shown on each new NounsDAO NFT ("one per day, forever") into luxury sunglasses. Blitmap's pixel-art has been used on shoes, apparel, and caps. In traditional IP regimes, a single owner controls creation, licensing, and production.

The physical "blitcap" (3rd level) is a descendant of the trait in the cc0 Chain Runners collection (2nd), which uses the "logo" from cc0 Blitmap (1st)! The Logo is Blitmap token #84 and has been used as a trait in various collections. The "Dom Rose" is another popular token. These homages reference Blitmap's influence as a cc0 leader, as one of the earliest NFT projects to proclaim public domain intents. A new collection, Citizens of Tajigen, emerged last week with a Blitcap characteristic.

These derivatives can be a win-win for everyone, not just the original inventors, especially when using NFT assets to establish unique brands. As people learn about the derivative, they may become interested in the original. If you see someone wearing Nouns glasses on the street (or in a Super Bowl ad), you may desire a pair, but you may also be interested in buying an original NounsDAO NFT or related derivative.

Blitmap Logo Hat (1), Chain Runners #780 ft. Hat (2), and Blitmap Original "Logo #87" (3)

Co-creating open source

NFTs' power comes from smart contract technology's intrinsic composability. Many smart contracts can be integrated or stacked to generate richer applications.

"Money Legos" describes how decentralized finance ("DeFi") smart contracts interconnect to generate new financial use cases. Yearn communicates with MakerDAO's stablecoin $DAI and exchange liquidity provider Curve by calling public smart contract methods. NFTs and their underlying smart contracts can operate as the base-layer framework for recombining and interconnecting culture and creativity.

cc0 gives an NFT's enthusiast community authority to develop new value layers whenever, wherever, and however they wish.

Multiple cc0 projects are playable characters in HyperLoot, a Loot Project knockoff.

Open source and Linux's rise are parallels. When the internet was young, Microsoft dominated the OS market with Windows. Linux (and its developer Linus Torvalds) championed a community-first mentality, freely available the source code without restrictions. This led to developers worldwide producing new software for Linux, from web servers to databases. As people (and organizations) created world-class open source software, Linux's value proposition grew, leading to explosive development and industry innovation. According to Truelist, Linux powers 96.3% of the top 1 million web servers and 85% of smartphones.

With cc0 licensing empowering NFT community builders, one might hope for long-term innovation. Combining cc0 with NFTs "turns an antagonistic game into a co-operative one," says NounsDAO cofounder punk4156. It's important on several levels. First, decentralized systems from open source to crypto are about trust and coordination, therefore facilitating cooperation is crucial. Second, the dynamics of this cooperation work well in the context of NFTs because giving people ownership over their digital assets allows them to internalize the results of co-creation through the value that accrues to their assets and contributions, which incentivizes them to participate in co-creation in the first place.

Licensed to create

If cc0 projects are open source "applications" or "platforms," then NFT artwork, metadata, and smart contracts provide the "user interface" and the underlying blockchain (e.g., Ethereum) is the "operating system." For these apps to attain Linux-like potential, more infrastructure services must be established and made available so people may take advantage of cc0's remixing capabilities.

These services are developing. Zora protocol and OpenSea's open source Seaport protocol enable open, permissionless NFT marketplaces. A pixel-art-rendering engine was just published on-chain to the Ethereum blockchain and integrated into OKPC and ICE64. Each application improves blockchain's "out-of-the-box" capabilities, leading to new apps created from the improved building blocks.

Web3 developer growth is at an all-time high, yet it's still a small fraction of active software developers globally. As additional developers enter the field, prospective NFT projects may find more creative and infrastructure Legos for cc0 and beyond.

Electric Capital Developer Report (2021), p. 122

Growth requires composability. Users can easily integrate digital assets developed on public standards and compatible infrastructure into other platforms. The Loot Project is one of the first to illustrate decentralized co-creation, worldbuilding, and more in NFTs. This example was low-fi or "incomplete" aesthetically, providing room for imagination and community co-creation.

Loot began with a series of Loot bag NFTs, each listing eight "adventure things" in white writing on a black backdrop (such as Loot Bag #5726's "Katana, Divine Robe, Great Helm, Wool Sash, Divine Slippers, Chain Gloves, Amulet, Gold Ring"). Dom Hofmann's free Loot bags served as a foundation for the community.

Several projects have begun metaphorical (lore) and practical (game development) world-building in a short time, with artists contributing many variations to the collective "Lootverse." They've produced games (Realms & The Crypt), characters (Genesis Project, Hyperloot, Loot Explorers), storytelling initiatives (Banners, OpenQuill), and even infrastructure (The Rift).

Why cc0 and composability? Because consumers own and control Loot bags, they may use them wherever they choose by connecting their crypto wallets. This allows users to participate in multiple derivative projects, such as  Genesis Adventurers, whose characters appear in many others — creating a decentralized franchise not owned by any one corporation.

Genesis Project's Genesis Adventurer (1) with HyperLoot (2) and Loot Explorer (3) versions

When to go cc0

There are several IP development strategies NFT projects can use. When it comes to cc0, it’s important to be realistic. The public domain won't make a project a runaway success just by implementing the license. cc0 works well for NFT initiatives that can develop a rich, enlarged ecosystem.

Many of the most successful cc0 projects have introduced flexible intellectual property. The Nouns brand is as obvious for a beer ad as for real glasses; Loot bags are simple primitives that make sense in all adventure settings; and the Goblintown visual style looks good on dwarfs, zombies, and cranky owls as it does on Val Kilmer.

The ideal cc0 NFT project gives builders the opportunity to add value:

• vertically, by stacking new content and features directly on top of the original cc0 assets (for instance, as with games built on the Loot ecosystem, among others), and

• horizontally, by introducing distinct but related intellectual property that helps propagate the original cc0 project’s brand (as with various Goblintown derivatives, among others).

These actions can assist cc0 NFT business models. Because cc0 NFT projects receive royalties from secondary sales, third-party extensions and derivatives can boost demand for the original assets.

Using cc0 license lowers friction that could hinder brand-reinforcing extensions or lead to them bypassing the original. Robbie Broome recently argued (in the context of his cc0 project A Common Place) that giving away his IP to cc0 avoids bad rehashes down the line. If UrbanOutfitters wanted to put my design on a tee, they could use the actual work instead of hiring a designer. CC0 can turn competition into cooperation.

Community agreement about core assets' value and contribution can help cc0 projects. Cohesion and engagement are key. Using the above examples: Developers can design adventure games around whatever themes and item concepts they desire, but many choose Loot bags because of the Lootverse's community togetherness. Flipmap shared half of its money with the original Blitmap artists in acknowledgment of that project's core role in the community. This can build a healthy culture within a cc0 project ecosystem. Commentator NiftyPins said it was smart to acknowledge the people that constructed their universe. Many OG Blitmap artists have popped into the Flipmap discord to share information.

cc0 isn't a one-size-fits-all answer; NFTs formed around well-established brands may prefer more restrictive licenses to preserve their intellectual property and reinforce exclusivity. cc0 has some superficial similarities to permitting NFT owners to market the IP connected with their NFTs (à la Bored Ape Yacht Club), but there is a significant difference: cc0 holders can't exclude others from utilizing the same IP. This can make it tougher for holders to develop commercial brands on cc0 assets or offer specific rights to partners. Holders can still introduce enlarged intellectual property (such as backstories or derivatives) that they control.

Blockchain technologies and the crypto ethos are decentralized and open-source. This makes it logical for crypto initiatives to build around cc0 content models, which build on the work of the Creative Commons foundation and numerous open source pioneers.

NFT creators that choose cc0 must select how involved they want to be in building the ecosystem. Some cc0 project leaders, like Chain Runners' developers, have kept building on top of the initial cc0 assets, creating an environment derivative projects can plug into. Dom Hofmann stood back from Loot, letting the community lead. (Dom is also working on additional cc0 NFT projects for the company he formed to build Blitmap.) Other authors have chosen out totally, like sartoshi, who announced his exit from the cc0 project he founded, mfers, and from the NFT area by publishing a final edition suitably named "end of sartoshi" and then deactivating his Twitter account. A multi-signature wallet of seven mfers controls the project's smart contract. 

cc0 licensing allows a robust community to co-create in ways that benefit all members, regardless of original creators' continuous commitment. We foresee more organized infrastructure and design patterns as NFT matures. Like open source software, value capture frameworks may see innovation. (We could imagine a variant of the "Sleepycat license," which requires commercial software to pay licensing fees when embedding open source components.) As creators progress the space, we expect them to build unique rights and licensing strategies. cc0 allows NFT producers to bootstrap ideas that may take off.

Every week I meet many people interested in VC. Many of them ask me what it's like to be a junior analyst in VC or what I've learned so far.

Looking back, I've learned many things as a junior VC, having gone through an almost-euphoric peak bull market, failed tech IPOs of 2019 including WeWorks' catastrophic fall, and the beginnings of a bearish market.

1. Network, network, network!

VCs spend 80% of their time networking. Junior VCs source deals or manage portfolios. You spend your time bringing startups to your fund or helping existing portfolio companies grow. Knowing stakeholders (corporations, star talent, investors) in your particular areas of investment helps you develop your portfolio.

Networking was one of my strengths. When I first started in the industry, I'd go to startup events and meet 50 people a month. Over time, I realized these relationships were shallow and I was only getting business cards. So I stopped seeing networking as a transaction. VC is a long-term game, so you should work with people you like. Now I know who I click with and can build deeper relationships with them. My network is smaller but more valuable than before.

2. The Most Important Metric Is Founder

People often ask how we pick investments. Why some companies can raise money and others can't is a mystery. The founder is the most important metric for VCs. When a company is young, the product, environment, and team all change, but the founder remains constant. VCs bet on the founder, not the company.

How do we decide which founders are best after 2-3 calls? When looking at a founder's profile, ask why this person can solve this problem. The founders' track record will tell. If the founder is a serial entrepreneur, you know he/she possesses the entrepreneur DNA and will likely succeed again. If it's his/her first startup, focus on industry knowledge to deliver the best solution.

3. A company's fate can be determined by macrotrends.

Macro trends are crucial. A company can have the perfect product, founder, and team, but if it's solving the wrong problem, it won't succeed. I've also seen average companies ride the wave to success. When you're on the right side of a trend, there's so much demand that more companies can get a piece of the pie.

In COVID-19, macro trends made or broke a company. Ed-tech and health-tech companies gained unicorn status and raised funding at inflated valuations due to sudden demand. With the easing of pandemic restrictions and the start of a bear market, many of these companies' valuations are in question.

4. Look for methods to ACTUALLY add value.

You only need to go on VC twitter (read: @vcstartterkit and @vcbrags) for 5 minutes or look at fin-meme accounts on Instagram to see how much VCs claim to add value but how little they actually do. VC is a long-term game, though. Long-term, founders won't work with you if you don't add value.

How can we add value when we're young and have no network? Leaning on my strengths helped me. Instead of viewing my age and limited experience as a disadvantage, I realized that I brought a unique perspective to the table.

As a VC, you invest in companies that will be big in 5-7 years, and millennials and Gen Z will have the most purchasing power. Because you can relate to that market, you can offer insights that most Partners at 40 can't. I added value by helping with hiring because I had direct access to university talent pools and by finding university students for product beta testing.

5. Develop your personal brand.

Generalists or specialists run most funds. This means that funds either invest across industries or have a specific mandate. Most funds are becoming specialists, I've noticed. Top-tier founders don't lack capital, so funds must find other ways to attract them. Why would a founder work with a generalist fund when a specialist can offer better industry connections and partnership opportunities?

Same for fund members. Founders want quality investors. Become a thought leader in your industry to meet founders. Create content and share your thoughts on industry-related social media. When I first started building my brand, I found it helpful to interview industry veterans to create better content than I could on my own. Over time, my content attracted quality founders so I didn't have to look for them.

These are my biggest VC lessons. This list isn't exhaustive, but it's my industry survival guide.