Aside from the other conclusions and assertions in this long article, this particular bit resonates with me: "Here is a widely believed cause-and-effect relati

Aside from the other conclusions and assertions in this long article, this particular bit resonates with me: "Here is a widely believed cause-and-effect relationship I bet you’ve never thought to invert before: because most startups fail, therefore equity is the best way to finance them. Have you ever considered: because equity is how we finance startups, therefore most startups fail?" At the very least, this lines up perfectly with my startup experiences and many other case studies I've seen - investors simply are not willing to accept reasonable growth or reasonable returns, they want massive scaling and massive growth. Sometimes that approach works out but very often you get expensive bets that never deliver on the level they need to and the startup flames out or ends up stuck constantly trying to clean up the mess left by the last big bet while trying to execute on a new one. A revolving door of new executives and new business strategies.