With all the AI money sloshing around Skin in the Game isn’t enough anymore. I’m looking for Heart in the Game too.

There’s an old saying that ‘illiquidity in startups’ is a feature, not a bug, because it keeps everyone [founders, team, investors] focused on the longterm outcome. They have a shared incentive and ‘skin in the game’ – whether it be sweat equity or capital equity. In the year of our lord 2026 this idea seems quaint and outdated. VCs are getting rich off of fees whether they’re any good at their job. Everyone on the cap table can figure out how to monetize private company stock, whether it be via secondaries, SPVs, or forward sales. Your best team members – whether they are fearing the permanent underclass or just out to get theirs – can jump from your startup at any time if there’s a higher NPV option. Basically if they’re any good they have offers. Some of this is positive for our community, some is not. But doesn’t matter, it’s reality. Skin in the game is no longer sufficient. Now I look for heart in the game. The founders who want their companies on their tombstones not just bank…