TLDR FOUNDERS 2026-02-13

PE IS NO LONGER COMING TO THE RESCUE

$587B in tech M&A flowed in 2025 - the highest in a decade. However, strip out five megadeals and average deal sizes actually dropped 17%. The tech bond distressed ratio hit 9.5%, the highest since Q4 2023. If you're building a solid-but-not-spectacular SaaS company, the PE escape hatch is closed. You can't build to $20M ARR and assume someone will buy you anymore. Growth is currency again - and "efficient growth" no longer substitutes for actual growth.

WHY IQ AND EQ AREN'T ENOUGH ANYMORE. THE AGE OF AI DEMANDS AQ.

The rise of AI demands a focus on Agency Quotient (AQ), the ability to actualize and execute effectively, which surpasses traditional metrics like IQ and EQ. High AQ individuals transform intentions into reality, essential in an AI-driven world where passive reliance on technology risks overshadowing human initiative. As AI democratizes intelligence, those who direct and build, rather than simply consume, will thrive, making AQ a critical skill for future productivity and innovation.

THE OPENING, MIDGAME, AND ENDGAME IN STARTUPS

Startups should simultaneously strategize for the opening, midgame, and endgame stages to avoid pitfalls and ensure growth. Successful founders balance initiating new ideas, achieving product-market fit, and envisioning future impact. This holistic approach enables nimble decision-making and sustained momentum, making businesses adaptable and resilient.

THE LIGHTHOUSE PLAYBOOK

In environments of abundance, the strongest signal isn't what you broadcast - it's what others say about you. This playbook flips standard growth advice: instead of building your brand, find people already on your team who are respected in networks you care about and invest in building their brands. Not influencer marketing - the opposite. Linear tells the world something about you because of how it positions craft. Stripe didn't say "payment processing" - they said "increasing the GDP of the internet. AI has lowered the cost of building products toward zero, but it hasn't done anything to change the cost of attracting people to you.

MAJOR

Major allows you to vibe code internal tools with enterprise security built in.

TIERZERO AI

AI agents for debugging production.

TENSOL