Essays

On co-founders, first hires, and the team decisions that compound

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The Billion-Dollar Founder Study

March 2026

The Billion-Dollar Founder Study

20 years of billion-dollar exits reveal a convenient co-founder penalty: founding teams who already knew each other consistently exit for less. The data challenges almost everything startup mythology assumes.

Coatue and NFX Alums Launch Catalyst by Outcast Ventures

March 2026

Coatue and NFX Alums Launch Catalyst by Outcast Ventures

Andy Chen and Amy Lin, Coatue and NFX alums, announce Catalyst by Outcast Ventures — the first founder formation engine for the top 1% of builders.