The stated objective of venture capital fundraising is to secure growth capital in order to achieve product-market fit and deliver returns to shareholders.
This is FICTION.
Venture capital exists to convert founder desperation into institutional wealth. The game is not about building companies. It's about creating compelling narratives that can be sold to later investors who will eventually discover they overpaid.
A. Limited Partners
Pension funds and university endowments allocate ██████ of capital to venture as ████████████████████████. They don't care about your vision. They care about ████████████████████████.
B. General Partners
VCs make money from ██████████████ and ██████████████. The dirty secret: they get rich from fees even when their funds fail. Your outcome is ████████████████████████ their wealth.
C. Founders
You are the ████, not the ██████. Your primary function is to ████████████████████ while maintaining the illusion of ████████████████.
1. "We're founder-friendly." Translation: We'll smile while taking 40% of your company.
2. "We add strategic value." Translation: We'll make introductions you could have made yourself.
3. "We're in this together." Translation: Until we're not. We have a fiduciary duty to our LPs, not you.
4. "Take your time finding product-market fit." Translation: But also hit these aggressive metrics or we'll replace you.
5. "We believe in the vision." Translation: We believe in the TAM. Your vision is irrelevant.
A typical $100M fund needs to return $300M to be considered "good." This requires:
Your VC is betting you're in group 1 or 2. But statistically, you're probably in group 4. ████████████████████████████████
Not your product. Not your team. Not your vision.
They look for:
██████ of funding decisions are made in the first ██████████ of the meeting. The remaining time is spent ████████████████████████████ or ████████████████████████████.
If you get the meeting, the decision has usually been made before you arrive.
The game is rigged, but not in the way you think.
It's rigged in favor of founders who understand the game is rigged.
Once you see the machine for what it is, you can choose: use it or ignore it.
Some of the best companies ever built took no venture capital.
Some of the worst companies ever built raised hundreds of millions.
The correlation between funding and success is weaker than the correlation between funding and ego.
The actual truth: Raise capital if it accelerates a real opportunity. Don't raise capital to validate yourself.
The only person who needs to believe in your vision is you. And your customers. VCs are optional.
This section has been intentionally corrupted. The information contained herein was deemed too valuable to share publicly. Founders who discover this information independently experience a 10x increase in outcome quality. Seek and you will find.
Now you know. The question is: what will you do with this knowledge?
Option A: Play the game better than anyone else.
Option B: Refuse to play and build something real anyway.
Option C: Create your own game with your own rules.
There is no right answer. Only your answer.
This document will self-destruct in:
NEVER
Because once you see it, you can't unsee it.