Episode #98: Relevance Runway vs Cash Runway, 20VC Venky Ganesan Episode Breakdown On Seed Being An Option

This week Mia and Charles start with Steve Vassallo's argument that founders obsess over cash runway when the clock that actually matters is relevance runway, and that plenty of well funded companies are racing against good enough AI versions of their own product. Then they dig into Venky Ganesan's 20VC episode with Harry Stebbings, where he says every seed check is an option bet and large funds are indifferent to seed valuations because they are buying a seat at the table. Charles answers from the pre-seed seat: is a Precursor check an option or a bet, and does ownership still matter before a company is an outlier?