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Principles not playbooks

Stephen Millard

Join me in exploring the principles and mental models founders and leaders are using to build enduring and powerful companies in the AI Age.

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Substack
PricingOnly free issuesPublishesTwice weekly
Issues30Founded9 months agoLast Issue13 days ago
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Latest Issues

I want you more than need you, and I need you for all time

I love Wichita Lineman, written by Jimmy Webb, and of course sung by the brilliant Glen Campbell.

But I have always thought one line is back to front:

I need you more than want you, and I want you for all time.

Surely everything we kno...

13 days ago
3
1

NRR is misunderstood

TLDR…

NRR is misunderstood. It isn’t a growth metric, it’s a power metric and a lag indicator.

The leading indicator is customer transformation: what measurably changed in the customer’s business because of you. Most vendor ROI claims ar...

18 days ago
7
5

When ten people carry the weight of a hundred

At MessageLabs, in the early 2000s, I had a moment I have never quite shaken. My responsibilities had outgrown me. The company was scaling fast, my remit kept widening, and I genuinely could not keep up. It wasn’t the hours, it was the volu...

20 days ago
9
3

Product-Market Fit was always a fiction. In this era, its a dangerous one.

We are pre-PMF, they are post-PMF. These three letters are everywhere; in board reports, in fundraising narratives, in the language founders use to describe where their company is. The industry has used the vocabulary for so long, and so lo...

25 days ago
8
7

Start, Build, Scale: what endures and what changes

Every founder I have ever worked with has had an “OH SHIT” moment.

It arrives without warning. The company is growing, the team is hiring, the customers are coming in. Then one morning it lands: who and what got us here will not get us the...

a month ago
4

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  • Stephen Millard

    I work at Notion Capital, helping founders reach their potential. After a decade in VC and 100+ companies, I’ve seen unique journeys but common lessons. AI is reshaping how businesses are built and I'm privileged to be in the middle of it.

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