Writing
Articles
These articles were written over several years, in no particular order. They are organised here against the Proof Stack, the structure that More Scars Than Trophies uses: the evidence a company owes itself at each stage, and the decisions that evidence unlocks. Read the framework first if you have not seen it.
Foundations
- Why Most Startups Should Choose the Camel ModelThere’s a quiet truth in the startup world that rarely makes headlines: most successful technology companies never raised venture capital.
- 10 Startup Rules I Keep RepeatingI write the same things because they keep working.
Discovery
- You're Asking the Wrong QuestionsMost early-stage founders are optimizing for the wrong things.
- Problem-Solution Fit Does Not Mean What You ThinkMost founders misunderstand the problem they think they’re solving.
The Proof Stack layers
Buyer Proof
Who pays?
- Problem-Solution Fit: The Quiet Failure That Kills Startups Before They BeginI’ve sat in rooms with founders who had everything working.
Value Proof
What value survives?
- Customers Buy Net Value, Not the Value You CreateFounders price the value they create. Buyers price what is left after the cost of change, and that cost is usually personal.
- Customer Segmentation Is Capital AllocationMore scars than trophies, and most of those scars came from founders selling too cheap.
Scaling Proof
What repeats and scales?
- Money Will Not Change Your Hull SpeedThe company hadn’t scaled revenue. It had scaled uncertainty, with a bigger payroll attached to it.
Exit Proof
Who buys?
- The Real Truth About Technology Startup Exits82–88% of successful startup exits in the Nordics never raised a single euro of VC.
- Your Company Is Not Worth One NumberValuation is not a spreadsheet exercise. It’s buyer psychology mixed with incentives.
- Start With Exit in MindEvery operating number said it was working. The company hadn’t gotten worse. The market’s confidence in the story had.
- The Hard Lessons I Learned Selling My Startup to a 10,000-Employee CorporationMost founders dream of a trade-sale exit.
Governance
- Startup Boards: Why Most Don't Create ValueMost startup boards don’t destroy companies with bad advice.
Investor Lens
- The Math Will Hurt You: 5 Frameworks Every Angel Investor NeedsI’ve made 200+ early-stage investments over 18 years.
Ecosystem & Market
- The European Startup Playbook Is BrokenThe real European startup economy, the one that actually creates value, is built by companies the headlines ignore.
- Unicorns Don't Build Ecosystems. Customer-Financed Companies Do.The ecosystem keeps mistaking attention for impact.
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