There’s an old saying that ‘illiquidity in startups’ is a feature, not a bug, because it keeps everyone [founders, team, investors] focused on the longterm outcome. They have a shared incentive and ‘skin in the game’ – whether it be sweat equity or capital equity.
In the year of our lord 2026 this idea seems quaint and outdated. VCs are getting rich off of fees whether they’re any good at their job. Everyone on the cap table can figure out how to monetize private company stock, whether it be via secondaries, SPVs, or forward sales. Your best team members – whether they are fearing the permanent underclass or just out to get theirs – can jump from your startup at any time if there’s a higher NPV option. Basically if they’re any good they have offers.
Some of this is positive for our community, some is not. But doesn’t matter, it’s reality.
Skin in the game is no longer sufficient. Now I look for heart in the game.
The founders who want their companies on their tombstones not just bank accounts and speaker bios. Who won’t ditch their startups for job offers that screw their angels and remaining team members. Who gives a shit?
The team that wants to show up each day (actually, symbolically, metaphorically) because the problem they’re solving is something they care about, and the people alongside them are folks who are committed to them. Not to the sacrifice of economics, but with a double bottom line.
And the investors who actually have courage. Who are willing to put something at risk for a startup. Who are about the outcome not the markup, not the content marketing. F those folks who run towards a success and away from a failure.
In my world Ambrook is a Heart in the Game startup. Bunch of super sharp people building financial tools for farmers – for the real world economy. Everyone there could likely earn more in a different job, join one of the frontier labs or Magnificent Seven. But they’re not. Because they want that double bottom line outcome – satisfaction and dollars. Read their blog – you’ll see how they’re ‘legible to talent’ not just capital. Oh and trust me, the capital is there (more news tk) but today they care more about touching grass and whether their customers can keep growing their own businesses. And it makes me so happy to support them because Heart is in the Game there.
Is your Heart in the Game? Is your CEOs Heart in the Game? Your VCs? If not….
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