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Venture Capital Dog Shit Wrapped in Cat Shit: Continuation Vehicles and the Great Venture Capital Liquidity Illusion members – 11 min read … Jun 10, 2025 JOHN COWAN JOHN COWAN
Founders Venture Capital 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 JOHN COWAN
Venture Capital Bridge to Nowhere: How the Seed-Stage Loop Exposes Venture Capital’s Structural Crisis members – 4 min read Seed-stage startups are increasingly stuck in funding limbo, with record bridge rounds replacing Series A progression. This isn’t a founder failure—it’s part of the systemic breakdown in venture capital structure. May 23, 2025 JOHN COWAN JOHN COWAN