Michelle Volz · 14 August 2026 · Operating Insight

To be or to do

Michelle Volz, GP @ Pax

Silicon Valley's early-stage funding has become a status-driven game disconnected from fundamentals; founders face perverse incentives to chase inflated valuations for prestige rather than build enduring companies, mirroring the tension John Boyd identified between being important and doing important work.

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Topics: Venture Capital & Startups

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