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Field Manual › Vet a Founder

Vet a Founder

Back people, not decks. Verify the founder's real operating track record, honest founder-market fit, a clean cap table, and reference calls with people who worked under them — including from a company that failed. At seed the product is barely evidence; the founder is what you are actually underwriting.

Early-stage returns are brutally skewed, and the variable that most often decides them is founder risk, not market risk. PitchBook and Crunchbase data consistently show a small share of deals returning a fund — so a single misread founder is expensive. The signals that predict trouble are semi-public: prior company outcomes, litigation via CourtListener, inconsistencies between the founder's narrative and the record, and how they behaved in a wind-down. These guides give investors and accelerators a repeatable framework for reading those signals before the check clears, so you back operators whose worst day you can already predict.

Vet a Founder — the playbooks

Featured Field Reports

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