#Capital

Everything tagged Capital.

12 mins read

Reading a Term Sheet Like an Operator, Not a Founder

Valuation is the number everyone quotes and the one that matters least. Here is the clause-by-clause read I wish someone had given me at 29.

Stephen Marsh
Stephen Marsh
16 Aug 2026
7 mins read

Operating Cadence: The Only Ritual Worth Defending

Weekly, monthly, quarterly. Get the rhythm right and strategy executes itself. Get it wrong and no amount of talent compensates.

Stephen Marsh
Stephen Marsh
17 Jul 2026