2 clips
TThe Full Ratchet
A Mayfield partner shares the painful lesson of watching entrepreneurs refuse to sell during a bubble, missing what could have been venture capital history. Despite recognizing unsustainable valuations and advising an exit, the investor supported the founders' decision to keep building rather than take the off-ramp.
A VC explains why the most difficult conversations they have with founders are about managing cash and hitting fundraising milestones. The key insight is reframing the investor-founder relationship as a partnership where both sides want to avoid running out of money and ensure the company is positioned for future funding rounds.