This applies to more than category creators—any startup needing extended runway to hit critical milestones and unlock further financing faces this tension (90% of startups).
It seems a new category play often requires “legacy leverage” to secure big up-front investment—if you’ve got the right founder story on paper (prior exits and / or right co-f + right school + right seed pitch + right network + right uncle)—congrats. If not, be ready to humble yourself, hit incremental goals, prove value every quarter, and sing for your supper, daily. Strong governance balances these pressures while keeping the vision intact, no doubt. But attaining strong governance is a hill to climb in itself. Ensuring you’re not just giving away boardseats according to the preferences of the earliest big-check writer is easier said than done when you’re in seed / A-ville.
This applies to more than category creators—any startup needing extended runway to hit critical milestones and unlock further financing faces this tension (90% of startups).
It seems a new category play often requires “legacy leverage” to secure big up-front investment—if you’ve got the right founder story on paper (prior exits and / or right co-f + right school + right seed pitch + right network + right uncle)—congrats. If not, be ready to humble yourself, hit incremental goals, prove value every quarter, and sing for your supper, daily. Strong governance balances these pressures while keeping the vision intact, no doubt. But attaining strong governance is a hill to climb in itself. Ensuring you’re not just giving away boardseats according to the preferences of the earliest big-check writer is easier said than done when you’re in seed / A-ville.