top of page
All Posts


Venture capital sounds like the holy grail
Venture capital sounds like the holy grail. Founders treat it like proof they’ve “made it.” But I’ve seen VC destroy more companies than it’s built. The money comes with strings founders don’t see until it’s too late. Here’s why most startups would be richer without it. Every founder I talk to obsesses over fundraising. The pitch deck. The valuation. The round size. But here’s the blind spot: your raise is only the middle chapter. The real payoff is the exit. And most founder
Eric Leander
Mar 42 min read


Fundraising doesn’t fail loudly. It fades.
Fundraising doesn’t fail loudly. It fades. Calls stop converting. Follow-ups stretch. Interest cools without explanation. Founders assume this means investors “lost conviction.” Usually, that’s wrong. What actually happened is the deal became work. Not risky. Not bad. Just annoying. And investors avoid annoying deals. I’ve seen this pattern dozens of times. A founder is mid-raise. Early momentum feels strong. Then suddenly everything slows. Same investors. Same story. Same me
Eric Leander
Mar 41 min read


You don’t lose control in one bad deal. You bleed it out over several “reasonable” ones.
You don’t lose control in one bad deal. You bleed it out over several “reasonable” ones. Founders love to look for the single mistake. The bad term sheet. The wrong investor. The moment everything went sideways. That’s comforting. It’s also false. What I actually see is erosion. A little flexibility here. A concession there. One more right because “it’s market.” None of it feels fatal. That’s why it works. Each deal shifts the balance slightly. Each round adds a little fricti
Eric Leander
Mar 42 min read


Founders often don’t realize they’re negotiating against their future selves
Founders often don’t realize they’re negotiating against their future selves. Not investors. Not lawyers. The version of them that actually has leverage. Early on, founders negotiate like today is all that matters. Close the round. Get the wire. Live to fight another day. Totally rational. Also dangerous. Because every term you agree to today becomes a constraint tomorrow, when the numbers are bigger, the pressure is higher, and the margin for error is smaller. I’ve seen foun
Eric Leander
Mar 42 min read


Your cap table is talking behind your back
Your cap table is talking behind your back. You just can’t hear it yet. Investors can. And they listen closely. Founders treat the cap table like a spreadsheet. Ownership percentages. Shares outstanding. Fully diluted math. That’s how founders read it. Investors read it very differently. They read it as a history of judgment. Every SAFE tells a story. Every discount signals urgency. Every carve-out shows how pressure was handled. I’ve watched investors form opinions before th
Eric Leander
Mar 42 min read
bottom of page
