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Building bet-taking machines (debt vs. equity), with William Godfrey

jacoposiniscalco.substack.com · 4,477 words · saved by 1 readers

Most hard tech founders treat debt as the thing you turn on at Series B. Will thinks that's why so many of them die at Series C.

Building bet-taking machines, with William Godfrey Most hard tech founders treat debt as the thing you turn on at Series B. Will thinks that's why so many of them die at Series C. Jacopo Siniscalco and William Godfrey May 27, 2026 9 Share I’ve been trying to chat with Will for a while, and I finally caught his attention after I published the Capital Stack Tool . Will runs Tangible , helping hard tech companies raise the kind of capital that hardware businesses need. What I like about Will is that he doesn’t romanticize either side. His thesis is that the two worlds are wildly under-married, an

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