The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified 490. Why Foundry Isn’t Raising a New Fund, Lessons from Hibernation, and the Benefits and Drawbacks of a Give First Philosophy (Brad Feld)
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Aug 25, 2025 
Brad Feld, a founding partner at Foundry and co-founder of Techstars, sheds light on the decision not to raise a new fund and the philosophy behind 'give first.' He discusses the evolution of Techstars, emphasizing community building and managing investor expectations. Brad reflects on personal growth during hibernation and the importance of authentic mentor-mentee relationships. The conversation dives into balancing generosity with personal time, and how ancient wisdom can inform modern entrepreneurial practices.
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Deliberate End To Fundraising
- Foundry's founders intentionally planned to stop raising funds and remain a small firm to honor lifecycle limits.
- Brad says they ultimately decided the 2022 fund would likely be their last to preserve focus and ROI.
How Foundry Grew Past Its Original Plan
- Brad recounts adding new partners and expanding into fund-of-funds and later-stage investments starting in 2016 and 2018.
- That expansion changed Foundry's original small-team intent and led to rethinking long-term involvement.
VC Funds Often Outlive Their 10-Year Label
- Venture funds last much longer than the nominal 10-year term, often stretching decades in practice.
- Brad argues continuity funds and tails are often poor outcomes for LPs and GPs compared to focused cash-on-cash strategies.
