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Simplify complex decisions by separating upsides from downsides, investing in upsides, vetoing with downsides, and using an appropriate decision framework.
People are surprised when I say “the right amount of fraud in seed stages startups is greater than zero.” What I mean is, the community works best when we move quickly, and assume trust between parties. That will likely mean there are some founders who commit fraud (and some investors too I guess). The cost to the ecosystem for doing so much diligence and background checks to achieve zero fraud would punish the 99.9% of founders who are ethical.
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