Early-stage investing is not about "picking the right answer," but about continuously refining judgment.
Before outcomes are visible, what matters most is not consensus, but depth of understanding—of the problem, the structure, and the constraints.
All of our investment decisions are grounded in systematic research.
Research, to us, does not mean complex models or grand forecasts. It means repeatedly answering a small set of fundamental questions:
Is the market structure changing?
How is value created, captured, and distributed?
Where are risks concentrated within the system?
Which assumptions, if wrong, would invalidate the entire thesis?
We pay more attention to overlooked variables than to widely repeated opinions.
At the early stage, we typically evaluate opportunities across the following dimensions:
Structural Validity of the Problem
Is the problem real and persistent?
Does it stem from structural inefficiencies rather than temporary windows or arbitrage opportunities?
Feasibility of the Solution Path
Does the solution clearly point to the next stage, rather than remaining at the level of vision?
Does the team understand the key constraints and uncertainties along the way?
Quality of Judgment
We focus more on how decisions are made than on what has been done in the past.
Under incomplete information, decision-making quality often matters more than experience alone.
Execution and Tempo
Early success rarely comes from speed itself, but from a sense of timing—knowing when to move fast and when to slow down.
Risk Awareness and Boundaries
Does the team clearly understand where its greatest risks lie, and which lines should not be crossed?
We view investment not as a transaction, but as the beginning of a long-term partnership.
Post-investment, we typically support founders in areas such as:
Key Hires
Core talent recruitment
Strategic Pacing
Milestone calibration
Judgment Discussions
Ahead of major decisions
Ongoing Feedback
Market, organization, risk
Our role is not to replace founder decision-making, but to help founders think more clearly.
How We Work With Founders
We prefer partnerships characterized by:
Transparency
over polished narratives
Honesty about Risk
over excessive optimism
Deep Discussion
over frequent intervention
We believe truly healthy partnerships are built on long-term alignment and consistency.
Teams That Work Well With Us
We are generally best suited for founders and teams who:
→
Are building long-term businesses, not short-term projects
→
Are psychologically prepared for uncertainty
→
Are willing to invest time in deep thinking around critical questions
→
Value judgment quality over external labels or signaling
