The State of the Matter in Startups

You will inevitably start in a solid state, then slowly but suddenly progress into a gas state as your company reaches some form of product market fit. It is then that slowly the liquid mass starts forming in the gassy clouds until at some point things cross the threshold and you start attaining that sweet liquidity.

Progression of various states:

• In startups, matter (equity) is always formed in a solid state. It is precisely illiquid, and has no characteristics that lend itself to liquidity or gaseous states in the short term. Each state of matter has distinct characteristics which have implications for the owner of that matter.

• Solid
• Gaseous
• Liquid

To assess the potential state of matter in the future, you must first place your startup on the Clean/Dank Spectrum^[a]

INSERT SCHEMATIC^[b]