Since 2016, there have been just under 400 founder-led Venture Capital (“VC”) funds created on AngelList alone. Many, if not the majority, are “Dual Threat” founders who are simultaneously running companies and funds. According to AngelList, the top quartile of Dual Threat founders not only vastly outperform the average fund manager on the platform, they are at parity with the top quartile of traditional venture capital firms.

In 2019, I left one of the oldest venture capital firms, Battery Ventures, to partner with two Dual Threat CEOs to start Flex Capital. Our observation was that the best founders were increasingly picking other founders to join their cap table in lieu of traditional VCs. It was catalyzed by 2 major disruptors in venture capital: First by Andreessen Horowitz in 2009 and later by AngelList in ~2015 when they pivoted their focus away from startups raising money on the platform, to a platform for individual fund managers to raise capital and manage th