Investors want to believe that we're on the same side of the table and are interests are aligned — but it's all bullshit.

The pitch from investors goes something like this "We want all of our incentives to be aligned, so that a big win for us is also a big win for you. We're on the same side of the table!"

That sounds wonderful, but what's missing from that pitch is the fact that only a tiny number of outcomes wind up with both of us having the same upside. Like when you hear about a company getting acquired for a giant sum or going IPO — that's what investors are referring to.

But statistically, that's not how it actually goes. Less than 1% of funded startups are going to have that kind of outcome, which means we should be way more concer...