What this teaches
Lemkin's blunt list of first-founder mistakes, the fundraising ones foremost: assuming the next round is guaranteed, burning to a plan that requires it, and wasting months pitching the wrong investors.
Why it matters
The 'never assume the next round' warning from a founder-turned-VC who has watched the assumption kill companies in every cycle.
Key lessons
- Stop operating as if the next round is guaranteed; below ~60-70% odds, cut burn now
- Time spent pitching poorly-fit investors is the most common silent waste
- Fundraising difficulty is information about your plan; incorporate it
SaaStr Fund
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