Trevor Owens@TO · 12 天前赛道影响The logical gap is assuming that earning a follow-on guarantees access
An investor could be the company’s most helpful backer and still get squeezed out by the new lead
Pro rata rights protect against that disconnect between contribution and leverage
AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。
Trevor Owens@TO · 12 天前赛道影响Pro rata is not just about economic upside, it's also about protecting early investors from dilution
I get the argument that it doesn't incentivize participation and support if the investors already have an allocation locked in
I just think it's wrong
Even the best investors, by and large, do not add much value and taking away pro rata isn't going to change that
Investor have the incentive to help their portfolio raise the next round, regardless
Taking away pro rata just makes the economics of investing early worse
When it's only going to get harder and harder to invest early and get returns
There's going to be 100x more founders and people who otherwise wouldn't have started companies 10 years ago in the game because there's no other jobs
Meaning we need to incentivize more vetting and investing early for the ecosystem to thrive
AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。
Trevor Owens@TO · 13 天前观点输出If you optimize for avoiding conflict in life you will never achieve anything of meaning in this world
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Trevor Owens@TO · 13 天前观点输出Now people want to get rid of Pro Rata? 🤦♂️
I think Silicon Valley is underestimating how many ppl are quitting Angel investing past few years because the returns are so abysmal
10 years ago it seemed like Angel investing was the easiest way to make money on earth
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Trevor Owens@TO · 13 天前观点输出Here is an idea:
Let’s take away more and more benefits for the people who are earliest and take the biggest risk in believing in a founder and an idea when others don’t
I’m sure you can see where this is going
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Trevor Owens@TO · 14 天前观点输出Never work with founders who won’t honor pro rata rights
It’s always in service of fucking over the smaller and less influential investors
in favor of the Tier 1s who don’t need it and didn’t earn it
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Trevor Owens@TO · 26 天前赛道影响Big news: I’m joining Relief as VP of Strategy.
For the past several years at BTC Frontier Fund, I’ve focused on fintech and crypto, investing in the infrastructure behind the future of finance. Now, AI is opening up another way to transform financial services: disrupting the service businesses themselves. Rebuilding their cost structures around AI creates the opportunity to deliver an order of magnitude more value and a far better customer experience.
That’s what excites me about Relief. It’s tackling one of the biggest markets in finance: debt.
Borrowing is how millions of Americans pursue the American dream, from starting a business to buying a home. But when debt becomes unmanageable, it can set off a downward spiral that upends people’s lives. American households owe $18 trillion, yet getting help still means navigating call centers, collection agencies, and paperwork.
Robinhood made investing easy, Chime did the same for banking, and Lemonade for insurance. Relief is doing that for debt, with a bigger vision: becoming the place every American can turn to for a brighter financial future.
Relief is an AI-native services business in an industry built around human labor. Where legacy players grow by hiring more agents, Relief is built to scale through software, changing the economics of how many people we can help and how quickly we can reach them.
And it’s working. Relief has already attracted more than 200,000 users, helping people navigate billions of dollars in debt. This year, the team went from zero to millions in annual recurring revenue.
They’ve done the hard work of building the technology, creditor relationships, and customer trust to turn a big idea into a growing business. I’m joining to help accelerate that growth through expansion, new verticals, and investor relations.
I see a clear path from millions to nine figures in recurring revenue by helping more people regain control of their financial lives. That combination of business potential and human impact is why I’m excited to get to work.
If you work in consumer credit or debt, or invest in the space, I’d love to connect.
Follow @startrelief and help us bring a simpler way out of debt to more people.
392You can try the YC Office Hour Simulator at any Corgi Cafe!
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Trevor Owens@TO · 2026/09/15观点输出Love it
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Trevor Owens@TO · 2026/09/12政策影响Blockstream's Liquid Federation hacked for $400M in BTC
IMO this is what happens when your network has no economic security because a network token goes against your morality https://t.co/mHhrbPpnoL
AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。
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