Jason M. Lemkin says if founders are covering for mediocre VPs, he loses faith in them fast. He talks about a failed IPO bet where he took 3x leverage expecting to win on a 200 million dollar company, and the two debate whether to make future bets one-off or reusable.
How you ever gonna regrow if you're with a mediocre management team? So when you start covering for a mediocre management team. I'm not saying fire them. That's a more nuanced topic. But if behind the closed doors of a board meeting, you're covering for mediocre VPs. I give up on the found. Like, I almost instantly give up on the founders.
Okay, final one. We need to have another bet. Okay. What do you fancy is the bet?
Boy, I really blew the IPO one. I really thought I was right.
That one was a whiffer.
But I believed in it. I really thought there were so many folks at 200 million. I know, because you.
Took a 3x leverage on it.
Ye. I really thought I was gonna win. I really thought I was gonna win that one.
But listen, you met my mother this morning, so. Thank you for paying for a Christmas present.
You're welcome. I'm good for it. What's the next bet? This is a tough week in sass to make the bullish bet.
It is.
But you want. You want to. It's a one off bet. Or it's one you want to reuse in the future with other people.
