David Binetti

Failure is not success. Failure is failure.

Look, I get why the Lean Startup movement adopted “Fail Fast, Fail Often” as a mantra. Still, I think it’s been bastardized well beyond the original intention. Failure should never be *encouraged* as a goal in and of itself; it should only be *tolerated* as a natural consequence of…

Angels and Options

Understanding how pre-growth investors should view their portfolios.

Yes, that’s right. And when you look at actual early-stage deals, unless there is some other exceptional factor (like repeat founder, etc.), the valuations are about in line with what actually happens in the real world.

As a practical matter, the $2M is the premium for the option, with the strike is the same as the spot at…