Thoughts on startups by investors that
fund them & entrepreneurs that run them

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How do serial entrepreneurs such as Kevin Systrom and Jack Dorsey sustain themselves while working on a project that doesn’t yet generate cash-flow?

Unfortunately there is no magic involved here. In the two specific cases you mentioned, one had made money from his previous startups, and the other had paying jobs at Google and Nextstop.

Is the J-curve a myth?

It very definitely exists, but under two specific constraints: (1) we need to be talking about ‘traditional’ venture funds, and (2) we need to limit the discussion to the top half/top quartile funds that actually make money.


The unbelievably seismic changes resulting from exponentially advancing technology mean that the ‘traditional’ venture world is rapidly giving way to a new

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