Founders - Venture Capital 2.0

What Carta's Peter Walker Won't Say, But I Will

members – 5 min read

The Venture Model Isn't Broken Because Founders Raised Too Much—It's Broken Because 46% of Seed Rounds Are Now Bridge Rounds to Nowhere

Jun 4, 2025

JOHN COWAN

A Live Dilution Model Every Software Founder Should Understand Before Fundraising

members – 4 min read

A founder prepares to raise venture capital—unaware that each round chips away at ownership, control, and future leverage. This case study breaks down a dilution model that reveals the hidden costs behind every funding milestone. Read before you raise.

Apr 7, 2025

JOHN COWAN

Assessing Startup Stock Allocation

members – 5 min read

Startup equity allocation is one of the most consequential decisions founders face. This article introduces a simple spreadsheet tool for founders and venture studio operators to help navigate a tricky subject.

Mar 23, 2025

JOHN COWAN

The DNA of Great Founders

public – 7 min read

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Entrepreneurship cannot be taught. The elements of a great founder are like DNA and can, therefore, be mapped.

Jul 8, 2024

JOHN COWAN

Vanishing Equity: The Financial Sorcery of Venture Capital

public – 7 min read

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Founders will give up more than 80% of their company over four rounds of venture investment. Venture Capital firms use a suite of finely-tuned instruments to manifest this excessive equity dilution.

Feb 5, 2024

JOHN COWAN