Summary Peter Walker, Head of Data Insights at Carta discusses with me various aspects of startup funding and investment. We explore the value of small angel investments, the obscurity of startup funding letters, the selectivity of startup advisors, and the potential of angel investments as marketing assets. We also touch on the excitement for the future of startups, the impact of accelerators and venture studios, and the importance of distribution and growth and whether a downround really is such a bad thing. Takeaways There is a growing trend of companies exploring non-VC growth paths and aiming to achieve venture-scale outcomes without raising additional funding.The use of startup funding letters, such as Series A and Series B, can obscure the wide variation in funding amounts and create unnecessary pressure for founders.Angel investments can serve as marketing assets for startups, as investors with a strong brand can enhance a company's image.The current generation of startups is building on a higher foundation of knowledge and asking different questions compared to previous years.Chapters 13:35 The Shift Towards Non-VC Growth Paths 25:24 The Impact of Liquidation Preferences and Equity Education 43:52 The Value of Small Angel Investments 44:50 The Obscurity of Startup Funding Letters 46:14 Angel Investments as Marketing Assets 48:02 Excitement for the Future of Startups, Accelerators and Venture Studios Leah on Linkedin / Twitter / Youtube