Investment as Faith
September 27, 2026
Strip an early-stage investment of the deck, the model, and the metrics, and what's left is a question of faith: do I believe these people can build the thing they said, and find the people who will buy it. The industry dresses that question in spreadsheets, but at the early stage the spreadsheet is mostly assumption, and the assumption is a bet on people. There is less holding an early bet up than we like to admit — and naming what actually holds it up is the beginning of doing it well.
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