I've had this conversation about 4 things i learned about spvs after writing with at least 50 founders. Here's the distilled version.
I've been an angel investor for 5 years, and my understanding of SPVs has been completely transformed. These aren't the textbook lessons; these are the hard-won insights from the trenches. Here are the 4 most critical things I wish I knew when I started.
What I've Learned From 61 Companies
After investing in 200+ startups and running two companies to successful exits, I've developed a pretty clear picture of what works with 4 things i learned about spvs after writing.
The biggest misconception is that you need to most founders overthink this and underspend on execution. That's backwards. The companies that win are the ones that the best solutions are often the simplest ones.
I remember sitting with the Anthropic team early on and discussing how they thought about 4 things i learned about spvs after writing. Their approach was counterintuitive but brilliant.
The Counterintuitive Truth
Here's what surprised me most about 4 things i learned about spvs after writing: the best practitioners do less, not more.
When I was building MovieLaLa, we tried to do everything at once. We had the best technology, the smartest team, and we still almost failed because we spread ourselves too thin.
The lesson I took from that experience, and from watching hundreds of other companies, is that the data tells a different story than your gut. It sounds simple. It's incredibly hard to execute.
The Numbers Don't Lie
I've tracked the performance of companies in my portfolio that take 4 things i learned about spvs after writing seriously versus those that don't. The difference is stark.
Companies that invest early in 4 things i learned about spvs after writing see, on average, 2-3x better outcomes within 18 months. That's not a small edge. That's the difference between raising your next round and running out of runway.
One of my portfolio companies went from struggling to profitable in under a year after they finally got serious about this. The founder told me later that they wished they'd started sooner.
This connects to broader themes around SPVs, term sheets, follow-on investing, secondary markets, portfolio construction that I've been thinking about a lot lately.
Wrapping Up
I've shared a lot here, and I know it can feel overwhelming. But here's the thing about 4 things i learned about spvs after writing: you don't need to get everything right on day one. You just need to get started and keep improving.
The founders in my portfolio who excel at 4 things i learned about spvs after writing share one trait: they're relentlessly practical. They don't chase perfection. They chase progress.
That's the mindset I'd encourage you to adopt. Start where you are. Use what you have. Do what you can. And keep pushing forward.
As always, I'm rooting for you.
Frequently Asked Questions
Which item on this list has the highest impact?
It depends on your stage and context, but in my experience, the items near the top of the list tend to have the broadest applicability. That said, sometimes the less obvious items create the biggest breakthroughs for specific situations.
Are these recommendations still relevant in 2026?
Absolutely. While specific tools and tactics change, the underlying principles remain consistent. I update my thinking regularly based on what I'm seeing in the market and across my portfolio companies.
Can I implement all of these at once?
I'd strongly recommend against it. Pick the 2-3 items that resonate most with your current situation and focus there. Trying to do everything simultaneously is a recipe for doing nothing well.
How were these items selected?
Each item on this list comes from direct experience, either from building my own companies or from patterns I've observed across the 200+ startups I've invested in. I prioritize practical, actionable items over theoretical concepts.