The memo Paul sent to LPs this week, unlocked and published in full.
Founders hear "you're too early" and think it's about timing. It almost never is. It's usually about evidence – and the three flavours of missing evidence tell you something very different about what to do next. Our internal framework, unlocked.
The most-heard rejection in venture is almost never about timing. Our IC framework for disambiguating "too early," unlocked.
"What Do We Need To Believe" is the scaffolding we use to stage-gate every deal. Six months of usage, five lessons from it.
A portfolio deep-dive with Assaf Stizki. From a broken kitchen in Fitzroy to 900 venues across three countries.
Round sizes crept up. Valuations crept up. Milestones didn't. Our opinionated reset.
Most durable AI businesses are wrappers. The question is: what are they wrapped around? A taxonomy.
What we believed in 2022, and how much of it turned out to be true. A public retrospective.
A full breakdown of 200 recent deal rejections and the six categories they fall into. Useful for founders prepping to raise.
Why the old $1M pre-seed is dead in deep tech, and what's replaced it. Our updated underwriting.
Our annual audit of deal flow, what closed, what didn't, and the three things we changed in our process.
Our unredacted IC memo for leading the Cuttable Series Seed. How we got to yes in 10 days.
Twice-monthly dispatch from the Rampersand IC. What we're underwriting. What we passed on, and why. What the market is doing that no one is saying. No spam, no sponsor-sections, no summary of the week's news.