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All you need to do is bring us a guaranteed globally successful viral mega product that no one has ever thought of before, be perfect is all ways with no risk to us and we will graciously back you with terms that are crushing and ensure you as the entrepreneur get next to nothing in the event of a liquidity event.

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What I found most valuable: what he tells entrepreneurs they don't need to spend a lot of time on, in building the company and in presenting it. I've seen so many decks and pitches devoted to the team's credentials and past work experience, and about deals they've done or are doing.

So Michael is saying something useful: we're willing to invest in a team with no credentials, no deals, no business development. Other things are more important. Things that are democratically available to us: building product, iterating with small customers, clarity of communication.

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