ORIGINEER / INSIGHTS
Ideas for people
who build.
Occasional notes on technology, operations, capital and building durable companies from British Columbia.
Inside the Investment Decision
A Fair Deal Must Survive the Next Round
Investment terms should preserve founder motivation, future financing and proportional risk after the first cheque is gone.
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Customization Feels Like Revenue Until It Becomes the Product
Bespoke work can win early customers. Without clear boundaries, it can also turn a product company into a collection of unfinished projects.
The Customer Is Not One Person
In a complex sale, the user, buyer, security team, procurement group and executive sponsor are solving different problems.
Equity Is Expensive When the Problem Is Temporary
Permanent ownership is often a poor match for a short-lived gap in inventory, receivables, equipment or timing.
Before You Sell Equity, Build More Ways to Get Cash
Financial optionality means understanding every credible source of cash—and the cost, obligation and control attached to each one.
How Much Should a Company Raise?
The right financing is large enough to reach a meaningful proof point, with room for the ordinary friction between a plan and reality.
A Good Company Can Still Be a Bad Investment
The business was profitable, useful and capable of becoming more valuable. What it could not do was turn additional capital into venture-scale growth.
