Startups, venture, etc

Hi, I'm Santosh.

People call me Tosh.

Now

Venture underwriting treats billion-dollar exits as the norm. A billion-dollar private valuation and a billion-dollar exit are not the same outcome, and the industry keeps pricing them as if they are.

Aug 2026

Writing

Startups

Ignore the Bad Advice on Investor Updates

Founders are being told to only send investor updates when they're winning. That's bad advice and AI makes it easier to ignore it.

Firm Building

Carry On

Two weeks into Carry On: what we've learned about tighter episodes, real disagreement, and building in public.

Field Notes

AI Is Wiring Systemic Risk Across Asset Classes

This is what systemic risk looks like before it becomes a crisis. Not a single catastrophic event. A local shock that propagates

Monday Meditations

Portfolio Envy is a Confidence Tax

Portfolio envy doesn't just sting. It pulls GPs toward consensus and away from conviction. Someone else's markups say nothing about your portfolio or your ability as a picker.

Venture is Optimizing for the Wrong Thing

Venture capital’s incentive structure has quietly shifted from building durable businesses to generating markups fast enough to raise the next fund.

Let's
connect.

X/Twitter↗ LinkedIn↗ Dynamo Ventures↗