Here is the short version of what founders need to know about SPVs.
I've been an angel investor for 5 years, and my understanding of SPVs has been completely transformed. These aren't the textbook lessons; these are the hard-won insights from the trenches. Here are the 4 most critical things I wish I knew when I started.
What I've Learned From 61 Companies
Across 234 angel investments, including Anthropic, a few patterns in SPVs come up again and again.
The founders who handle SPVs well understand that the best solutions are often the simplest ones.
The Counterintuitive Truth
In SPVs, the best practitioners often do less, not more.
The lesson: the data tells a different story than your gut. It sounds simple. It's incredibly hard to execute.
The Numbers Don't Lie
The gap between companies that take SPVs seriously and those that don't is usually clear.
Investing early in SPVs can be the difference between raising your next round and running out of runway.
One of my portfolio companies went from struggling to profitable in under a year after they finally got serious about this. The founder told me later that they wished they'd started sooner.
This connects to broader themes around SPVs, term sheets, follow-on investing, secondary markets, portfolio construction that I've been thinking about a lot lately.
Wrapping Up
I've shared a lot here, and I know it can feel overwhelming. But you don't need to get SPVs right on day one. You just need to get started and keep improving.
Founders who do well at SPVs tend to share one trait: they're relentlessly practical. They don't chase perfection. They chase progress.
That's the mindset I'd encourage you to adopt. Start where you are. Use what you have. Do what you can. And keep pushing forward.
As always, I'm rooting for you.
Frequently Asked Questions
Q:Which item on this list has the highest impact?
It depends on your stage and context, but in my experience, the items near the top of the list tend to have the broadest applicability. That said, sometimes the less obvious items create the biggest breakthroughs for specific situations.
Q:Are these recommendations still relevant in 2026?
Absolutely. While specific tools and tactics change, the underlying principles remain consistent. I update my thinking regularly based on what I'm seeing in the market and across my portfolio companies.
Q:Can I implement all of these at once?
I'd strongly recommend against it. Pick the 2-3 items that resonate most with your current situation and focus there. Trying to do everything simultaneously is a recipe for doing nothing well.
Q:How were these items selected?
Each item on this list comes from direct experience, either from building my own companies or from patterns I've observed across the 234 startups I've invested in. I prioritize practical, actionable items over theoretical concepts.