Venture capital
23 articles tagged venture capital.
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Why Lovable Becomes Worthless
There is a specific category of AI startup that looks like a rocket ship right now and is, in fact, a sandcastle at low tide. Lovable is the cleanest example…
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Position F — A Founder Election with a Decade Cap
A sixth position on the timing-and-mechanism question. The estate elects, at death, between settlement at death under the existing reform (Regime 1) and a deferred-realisation regime with a hard…
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The Team Around the Founder — what the IHT reform does to co-founders, early employees, and vested equity holders
Public coverage of the April 2026 reform has focused on the lead founder. A growing technology company is not one founder. The reform sits across a team — co-founders with material stakes…
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The Race Against Itself — UK fiscal arithmetic, the productivity rescue, and the cohort the country is signalling its willingness to lose
Cross-category piece. The UK's fiscal arithmetic, on most institutional projections, cannot be closed by tax rises or spending cuts alone. The remaining lever is productivity growth. On current…
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VC: most fail, most suffer, some win lots — does society win or lose?
An open question on venture capital. Seven analytical frames in parallel, evidence labelled by strength, anchored in US/UK/EU as a natural experiment. A short prologue addresses the reader directly…
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From talent to transaction — twenty years inside an accelerator program
The predecessor synthesis on accelerators, useful for readers interested in how accelerators relate to the broader venture-capital ecosystem. Treats acceptance into an accelerator as a structural…
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The 33%
Cooper, Woo and Dunkelberg surveyed 2,994 entrepreneurs in 1988. Thirty-three percent rated their probability of success at one hundred percent. They were not failing at probability theory. They were…
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Why Fund Economics Need Overconfident Founders
A typical early-stage venture fund makes about twenty-five investments. Its returns to limited partners depend almost entirely on whether one or two turned out to be extreme outliers. What that math…
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What the Natural Experiment Shows
The US, UK, and EU run variants of the same venture model under different conditions. Comparing the three lets us ask which features of the system are intrinsic to running a venture model at all…
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Both Halves of the Headline Are True
Venture capital is good for society and bad for most founders. Readers who hear that sentence often assume one of the two halves must be wrong. Both are documented in the empirical literature. The…
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Venture Capital Is Good for Society and Bad for Most Founders
Venture capital is good for society and bad for most founders. Both halves are documented in the empirical literature. Most writing about VC handles one half or the other; this piece handles both.
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The Wrong Winners Write the Books
Founder advice is not only survivor-biased. It is filtered toward the survivors most certain that their outcome was repeatable. The classic survivorship filter is well known…
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Common Reactions — VC: substantive critiques and the publication's responses
Six substantive critiques the publication has received on the venture-capital pieces. Where the critique is right, the publication agrees. Where the deep version already treats the point…
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For Prospective Founders — What the Recruitment Narrative Does Not Say
For a reader weighing whether to enter the venture system as a founder, an early employee, or an investor of personal savings into venture funds. The strongest single argument the publication has on…
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The reality of being a founder — what the data actually says
Most of what is published about being a founder is recruitment material — accurate enough on the survivors…
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The Power Law and What It Forces
Returns to venture investments follow a power-law distribution: a small number of extreme outliers carry the whole. From that single empirical fact, the moral pattern of the venture system…
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VC across the US, UK, and EU — a jurisdictional reference for prospective founders
The operational counterpart to the main analytical piece. Side-by-side comparison of structural features (LP base, founder tax regimes, exit market depth, employee equity treatment…
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For UK Tech Founders
Addressed to a UK tech founder reading this on the train. You hold significant unlisted shares in a UK trading company. The April 2026 reform changes what happens to those shares if you die. This…
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Where to Start — A Reading Guide
The publication has four sections: the April 2026 UK IHT reform analysis, a body of work on venture capital, a seven-document set on whether to industrialise Mars…
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Eight Hours, Four AI Tools, One Founder — and Four Weeks of Practice Behind It
This publication came together in roughly eight hours of real work — at the fast end of four weeks of intensive AI-tool-assisted work that has spanned websites, code, books…
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What the Inheritance Tax Reform Means for UK Tech
A plain English explainer for founders, angels, VCs, and the people who fund and build UK tech companies.
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UK Tech and the IHT Reform — The Funding Stack and the Fiscal Model
Technical depth on each part of the UK tech funding stack — founders, angels, VCs, PE, EIS, LPs, early employees — and a 25-year fiscal model of what each policy option means for the Treasury…
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Inheritance Tax and the UK Tech Cohort
What is being argued, what the disagreement turns on, and what different evidence would mean — for the founders, investors, and operators driving the new economy.