""Excess capital covers up intellectual laziness," he said. "The best, best companies never burned any capital, because they were rigorous about finding ways to make people pay for their product.""
""The emotional reason is that we want our founders to have tremendously good personal outcomes," said Biederman, who previously spent eight years as CEO and cofounder of General Catalyst-backed Catalant. "VCs win when founders burn a lot of capital. Founders win when they don't. So, it's important to me that when our founders have successes, they go home with a life-changing result. And the more capital there is, the less likely there is to be a financially life-changing result.""
"Asymmetric is "an early-stage technology-oriented investment firm, because I think [the industry] has lost the plot in some respects.""
Excess capital covers up intellectual laziness. The most successful companies avoid burning capital by rigorously finding ways to make customers pay for products. Historical examples include companies that raised relatively little before public offerings. Today, mega-AI funding rounds reach billions, creating a misconception that more funding guarantees long-term success. Larger capital pools make life-changing financial outcomes for founders less likely because returns are diluted. An early-stage, technology-oriented investment approach emphasizes disciplined capital use, customer value, and realistic assessments of market need rather than pursuing clever ideas without proven demand.
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