Dotcom-era founder on Cargo Cult Capitalism: VC mark-ups, feeder funds and the crash
prasanna_says · x · 2026-09-19
- Veteran founder @honam recalls the dotcom bubble: top-tier VC mark-ups impressed LPs, creating a positive feedback loop that turned his fund into a feeder fund — until the crash.
- His takeaway: control your own destiny, build real businesses without needing external validation, and beware the "smoking craters" left by over-funded, undisciplined startups chasing superficial success markers — what he calls Cargo Cult Capitalism.
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