There is an instinct among early stage investors to talk their book like all the big tech incumbents are about to be slayed by an army of $1m ARR startups. Founders, you are smart enough to know this isn’t true. Slaying an incumbent requires, time, skill, luck, and often a new technology. Don’t believe the marketing hype - this shit is hard.

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When I was younger I assumed everyone wanted everything to be more efficient. That iteration and improvement was something all people could get behind. As I’ve gotten older I’ve realized this is not the case and my mistake was a core error in my mental model of the world and its institutions. Improvement has to be fought for. Status quo is by far the most popular position.

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