the illusion of venture capital in startup dynamics

the meeting

I spent another afternoon in front of a camera. Meetings have become a kind of air I breathe. This one was with a competitor, someone chasing the same idea my friend’s company is working on. I volunteered to be in the meeting to offer a bird’s-eye view of the whole thing.

It’s an online business — something smaller, more organic, less performative. The conversation quickly turned to venture capital, as these conversations often do.

the paradox of fuel

Raising capital is a paradoxical act. It’s like taking a sip of water to quench a thirst, only to find yourself drowning in the process, and occasionally dying of hypernatremia.

There can always be too much of it. Growth becomes an obligation and shapes the company’s culture, product and vision. The ability to explore and to fail is no longer a viable path forward, especially if your investors are not previous founders.

fresh air

Some companies need venture capital to reshape the world. Most don’t. For most, the saner path is to grow where oxygen is free. Build patiently, and let customers, not capital, decide your worth.