Very interesting and well done analysis. The liqprefs change the returns for the investors at the top of the distribution stack dramatically, especially in less

Very interesting and well done analysis. The liqprefs change the returns for the investors at the top of the distribution stack dramatically, especially in less than stellar outcomes. But the desire to race to unicorn status on the part of founders may be setting up the company for such an outcome. In which case both employees and investors lower in the stack are likely to get screwed most of the time. And the killer insight is at the end - this means that accelerators are then incentivized to raise huge funds so they can play in the big boy leagues at the top of the distribution stack. Insightful post.