20VC: Investing Lessons from FC Seeding Uber, Airtable and Coupang | Why Pro Rata is the Original Sin in VC | Why Liquidity Has Died in 2024 | Why LPs are Pissed with VCs | The Hard Truth About Seed Fund Economics with David Frankel @ Founder Collective

1181.332 - 1202.682 David Frankel

If I said to you like, you know, for $10 million, like give me an option to buy 10% of 20 VC and I can decide if I want to do it or not. You wouldn't in a million years, right? But you've had to learn that. The amazing thing about entrepreneurs is they give pro rata. It's like the superpower thing for VCs. And I think it is terrible, terrible for entrepreneurs. You're selling options against you.