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Experienced CEO, 5 Exits in Silicon Valley and Hollywood, The Pioneer behind Adobe PDF & Acrobat, Funny or Die Co-Founder, Yahoo BOD & Driving Billion-Dollar Exits.
This is a good, simple way to look at fundraising and valuation in relation to the multiple layers of risk that a startup presents. Marc mentions many more layers of risk (perhaps to justify the onion analogy) than I would normally do, but the principal is still the same.
Acquiring $1-15m EBITDA companies | $250m+ in Exits | YPO | Grasshopper | Chargify | Vanilla |
Marc Andreessen talks about Andy Rachleff’s Onion Theory of Risk. In startups, risk comes in layers. Investors do not fear risk. They are more interested in knowing how you plan on tackling those risks. First, there's technology risk—can you build the product? Next, it’s market risk—does anyone actually want it? And then, the final layer—execution risk—can the team deliver? What really stands out is that each milestone a founder hits helps peel away a layer of risk. You build a product, secure a customer, and suddenly, you're not pitching an idea anymore—you're showing progress. That’s when investors take notice. So, if you're building something new, don't try to eliminate every risk upfront. Focus on hitting those key milestones and proving you can handle each layer as it comes. That's how you turn "maybe" into a "yes." ___ Interested in more productivity frameworks, insights about entrepreneurship, and success stories? Subscribe to my newsletter: https://t2m.io/OUvcJ5gL #entrepreneurship #venturecapital #startup #mergers #acquisitions Serial Entrepreneur & Investor Helping Startups Become Unstoppable – David Hauser