Many founders who raised large amounts of money ($10m+) in 2020-21 but subsequently realized they don’t have PMF, are going through an excruciating psychological journey right now. On one hand, they feel beholden to employees and investors to keep building, pivoting, doing anything to live up to their perceived commitment to their stakeholders to build an enduring company. On the other hand, they have a sinking feeling that they are just rearranging deck chairs on the Titanic. Their heart just is not in it. There is a deep-felt malaise. The more money a founder has raised, the deeper this predicament. I just had the first such founder return a good chunk of invested capital back to investors, because they couldn’t take the pressure any longer. The relief they felt when they realized investors and employees were on board and 100% supportive of their decision, was palpable. (All employees received solid severance before the company shut down). Founders - ultimately it’s your call, but know that there is a graceful way out. Chasing endless pivots trying to find PMF is a bridge to nowhere. Investors - let’s have the grace and courage to tell founders this option is available to them. The founder told me that the reason they ultimately decided to return the money stemmed from a convo with me several weeks ago, when they told me about their latest pivot, and I told them I’m supportive “as long as their heart is truly in it”. That phrase stuck with them, they introspected and ultimately realized their heart was not in it.