If you had a choice to invest in founders who had such clarity, commitment, and grit that “they’d mortgage their house” vs a choice to invest in founders who were “in it as long as things keep going well”, which would you pick?
One that had a savvy to stay focused on the bottom line and the gut to say no to investors making vastly asymmetrical demands of risk, reward and personal security.
I do however wish the GP all the luck in the world.
Does CALPERS or the Texas Teachers Pension Fund require an Austin based VCs to mortgage their house?
Hardly.
Founders who have been around a long time know the game. Founders are disposable soldiers , VCs are Lieutenants and GPs/Asset Owners are Generals.
It's that simple. And it's okay. The BS part is when Lieutenants feel the need to conceal the truth or make motivational posts such as the OP .
The absolute worst is when a soldier manages to be decorated in battle...all the Lieutenants become absolute fangirls and ask him for autographs and pictures whereas they treat other soldiers like crap. Of course such behavior is in the hope to impress the Generals.
