Ben Jeffreys

The real magic lies in completing the loop rapidly multiple times over with those initial high value users

One of the most overlooked yet critical elements of a startup’s success is its shareholder capitalization table (cap table). Founders often rightly focus on product development, fundraising, and customer acquisition - but fail to recognize that a poorly structured cap table can limit future growth, deter investors, and even threaten long-term control of the business. Getting your cap table right from the start is not just a legal task — it’s a strategic imperative.

You’ve got an idea that you think will go big with you at the helm. You battle it out for months -- building, testing, learning. Then you’re ready to pitch to some investors and the feedback is … overwhelmingly negative. You’re just a single person with an early-stage idea. Come back to me when you hit X -- they say. 

“Entrepreneurship is about experimentation: the probabilities of success are low, extremely skewed, and unknowable until an investment is made.”