Topic
The business of venture capital
8 articles drawn from The Outlier Equation, its 23 industry studies and 100 firms profiles.
Guide
How to Raise a Seed Round: A Founder's Guide for 2026
How to raise a seed round in 2026: what seed money must prove, typical round sizes and valuations, SAFEs or priced rounds, finding a lead and protecting ownership.
8 min read
Guide
How to Read a VC Term Sheet: A Clause-by-Clause Guide
How to read a venture capital term sheet: valuation and option pool, liquidation preferences, anti-dilution, board seats and vetoes, with 2026 market data.
9 min read
Explainer
How VC Funds Make Money: 2 and 20, Carry and the Waterfall
How venture capital funds make money: the 2% management fee, 20% carried interest, the waterfall, recycling and why 3x gross becomes about 2.45x for LPs.
9 min read
Comparison
SAFE vs Convertible Note: Which Should a Startup Use?
SAFE vs convertible note: how each converts, caps and discounts, interest and maturity, the dilution traps, and when founders and investors prefer each one.
7 min read
Explainer
The Power Law in Venture Capital, Explained with Real Numbers
The power law in venture capital means a few deals make nearly all the returns. Here are the data, the fund math and what it means for investors and founders.
8 min read
Case study
What Happened to SoftBank's Vision Fund? Lessons from $100 Billion
What happened to the SoftBank Vision Fund: the $98.6 billion raise, capital as a weapon, the WeWork and Greensill losses, DoorDash and Coupang wins, and the OpenAI bet.
8 min read
Case study
What Happened to Tiger Global? The Rise and Fall of 2021's VC Giant
What happened to Tiger Global: how a hedge fund became 2021's most active venture investor, why its fast, high-price model broke in 2022, and how it reset.
8 min read