As we enter another funding super cycle, my hope is that investors will focus not just on founders and ideas that are investable, but also returnable.

Returnable founders don’t play games with investors or shop around their term sheets. They focus on right-sizing their fundraise and valuation. Most importantly, they understand that the real value in a funding round isn’t just the money and valuation—it’s about who will sit on your board.

When things are going well, it doesn’t matter much who’s backing you. But when things get tough, I can tell you from personal experience, you want your board to act like true partners—not just for the company, but for you as the founder.

It’s the VC who calls before a board meeting to warn you about the pressure to dilute your shares in a down round, and tells you, ‘Don’t accept it. Investors should share in the losses just as much as the wins.’ That’s the kind of person you want on your board.