THE NARROW PATH

Summary from the TLDR Founders newsletter

Venture capital seed rounds have bifurcated into two distinct markets, fundamentally breaking the traditional "spray and pray" fund model that relied on 1,000x outlier returns. Top-tier founders with legible traction now command massive entry valuations (frequently topping $175 million) from brand-name firms, leaving a vast ocean of low-priced, deeply adverse selection startups that operate as capital black holes.