Pre-seed investing lesson from Cantos founder @IanRountree:
"I made a judgment: 'I don't think this technology is going to work, I don't like this market, or this business model doesn't make sense to me.' I was pretending that I was underwriting a business that didn't exist yet."
The trap most VCs fall into → trying to underwrite something that hasn't been built yet. At pre-seed, you're not betting on the business model. You're betting on the founder's ability to figure it out.
Tech might pivot. Market might shift. Model will evolve. But the founder? That's your only constant.
Stop pretending you can predict the future. Start finding people who can build it.
"I made a judgment: 'I don't think this technology is going to work, I don't like this market, or this business model doesn't make sense to me.' I was pretending that I was underwriting a business that didn't exist yet."
The trap most VCs fall into → trying to underwrite something that hasn't been built yet. At pre-seed, you're not betting on the business model. You're betting on the founder's ability to figure it out.
Tech might pivot. Market might shift. Model will evolve. But the founder? That's your only constant.
Stop pretending you can predict the future. Start finding people who can build it.