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The controllable founder: what changed in v1.3.0
From v1.2.0 (2026-10-18, de821285d) to v1.3.0 (2026-10-27, db67c5ce1), paragraph by paragraph.
0 paragraphs added, 0 removed, 3 changed in place, 57 unchanged. About 0 words added and 95 removed. Insertions are marked like this, deletions like this; unchanged runs are folded to one line; figures appear as their file names.
2 unchanged paragraphs
!shot fo-survivors.webp | images/ | WeSurvivorship studybias: the survivors: of everyonethose who made the same moves, a few won and are studied;studied, while others were funded, did the same and failed; most did the same and were never funded. A risky practice can be unrelated to success across everyone and still look like its cause among survivors.failed. Illustrative. | comparison
14 unchanged paragraphs, under In short {#in-short}, The survivors we study {#survivors}, Who is the commodity {#commodity}
!shot fo-commodity.webp | images/ | Who is the commodity: in music, the songs, the producers, the venues and radio stay scarce while the performer is moved towards commodity; in venture,music the investor's network stays scarce whileand the founder isin moved the same way.venture. A sketch of the argument, not a measured map.measured. | architecture
9 unchanged paragraphs, under Why one and not the other {#why}, Control is written into the contract {#contract}
!shot fo-control.webp | images/ | Control moves with performance: when a company performs poorly, investors take full control; as it improves, the founder gains control; when it performs very well, investors keep their cash-flow rights but give up most control. A schematic of Kaplan and Strömberg's finding, not their data. | comparison
32 unchanged paragraphs, under Founders get replaced {#replaced}, Luck, place and timing {#luck}, The investors' answer, and the long run {#answer}…