
The Learning Corner by Precursor Episode #53: The Magic of DTC, Power of Iteration Speed, Secondaries in Term Sheets
Oct 23, 2025
20:40
We’re digging into three thought-provoking topics shaping the current startup and investing landscape:
🧼 Coterie’s $650M Exit & the Return of DTC M&A – We break down Brian Sugar’s “One Brand is Luck, Two is Strategy,” and why pure-play DTC brands with strong economics and customer devotion are back on the radar for modern acquirers.
⚡️ Iteration Speed & the Path to Series A – Hadley Harris of Eniac Ventures shares why iteration speed is the best predictor of Series A readiness, and how founders can prioritize feedback loops and kill ideas quickly to increase their odds.
💸 Secondaries in Term Sheets – A recent Axios note suggests Menlo Ventures is now pre-negotiating secondary sale conditions into early-stage term sheets. We unpack what this means, why it matters, and whether this becomes a new norm.
One Brand Is Luck. Two Is Strategy.
How to double your chances of raising a Series A | Hadley Harris on LinkedIn
Axios Pro Rata – Menlo Ventures reportedly outlines secondaries in term sheets
(0:13) Introduction and welcome (0:51) Article by Brian Sugar on brand acquisitions and thoughts on CPG brands (4:52) Investor expectations, retail strategies, and comparison to healthcare contracts (8:06) LinkedIn post by Hadley Harris on iteration speed and its importance (14:57) Menlo's stance on secondary shares and speculation on the future of secondary markets (20:22) Closing remarks and farewell