Look back
When someone asks what we’re investing in or what our thesis is, the answer I always give is: look back at who we’ve already backed. That is our thesis.
The founders we back are on the cutting edge, not us. This question assumes we sit in a room, draw some markets maps and then go find founders who fit inside it. Series A to late stage investors do that kindda stuff.
As early stage investors, our job isn’t to have a specific thesis per se but to recognize the thesis when a founder is living it and pitching it.
...the core signal really is the founder's trajectory, not the market map they're pointing to. Having seen several teams pivot entirely based on technical feasibility rather than initial market pull, that founder resilience is the most reliable predictor of navigating the next funding round.