PERSISTENCE IS A NUMBERS GAME: 150 STARTUPS, ONE COLLAPSE, AND THE ONE THAT WORKED

Summary from the TLDR Founders newsletter

Startup studios look like a machine for making companies until the studio itself runs out of money. A former studio CTO who helped build more than 150 startups walks through why theirs collapsed. It carried 50 staff on a model where partners had to fund every accelerator round, so when the partners slowed down, the payroll didn't. The CTO lost their stake in the collapse, and their next company runs with a skeleton crew.