Equity, Etc – Issue No. 3
Bootstrapping and the future of equity markets. Plus, it’s May, Not June (Unless You’re on Cambie).
A little late to the party, but I finally made it. Heads up if you're planning a visit: the building still says ATLAS ROW (we love a little mystery hehe), but you’re in the right spot — just follow the moody black door into the sultry orange glow of June on Cambie.
We ordered like it was our last meal:
🦀 Crab Dip (11/10)
🐟 Paris Tartare (Haida Gwaii tuna, v classy)
🍝 Pasta for Rachel (Watt? unclear)
🥩 Steak Frites (the Bavette)
The music was live. Want the tea? Ask me.
Let’s Talk About Fundraising (and Its PR Glow-Up)
This comes up a lot — with founders, investors, and of course, the media: the glamour of fundraising.
When I meet a founder who’s raising, I like to ask: why?
We’ve all seen the post:
“Just closed our Series A 🎉”
And yes — raising capital is an achievement. It fuels growth. It opens doors. But the attention it gets — from TechCrunch, LinkedIn, and the whole ecosystem — can blur the message: that fundraising is the goal.
Bootstrapped & Beloved: What Comes After the Raise?
Some of the most resilient companies were bootstrapped (or seedstrapped — built with tiny cheques, customer revenue, and conviction). These founders weren’t chasing the next round — they were building the right product for the right people. And often, they kept more equity in the process.
👩⚕️ Jane, the BC-founded health tech platform, is a standout local example. Co-founded by Alison Taylor and Trevor Johnston, Jane scaled steadily and profitably in its early days — without the tailwind of big VC cheques. Their thoughtful growth strategy and focus on sustainable economics earned them a loyal user base and the rare status of being both bootstrapped and beloved. Read more →
What we don’t talk enough about is what can happen after a raise:
Founders pulled away from their intuition
Milestones shaped by investor timelines
Growth for growth’s sake
Culture thinning
Burn ballooning, etc., etc.
Glossier, for example, raised over $250M and hit unicorn status — before layoffs, a pivot, and founder Emily Weiss stepping down. As of April 2025, the company is reportedly raising $100M at a valuation south of a billion. The shine wore off. The company had to reset.
There are dozens of these stories — visions diluted by too many cooks on the cap table.
A note to founders:
💡 Fundraising is a tool, not necessarily a trophy.
(I’m always happy to chat more on this.)
🪷 Speaking of bootstrapped businesses, this week’s honorable mention goes to my dear friend Olivia Lovenmark-Hay, who received BC Business Magazine’s Women of The Year recognition in the Rising Star Category. Read her story →
What I’m Thinking About This Week🧠
Will cheaper company-building revive IPO markets?
Private markets have exploded over the past decade, with companies staying private longer and raising through Series E, F, and beyond. Public market investors are left wondering: will we ever get a shot at Stripe?
But with AI, we’re now seeing billion-dollar ambitions with 1- to 10-person teams (see formerly local Gumloop — wild story).
If scaling truly becomes cheaper and faster, maybe the next wave of companies won’t need as much VC. Instead of chasing round after round, perhaps they raise 1-2 small rounds with an eventual turn to public markets for liquidity.
As a public markets fund manager, I can’t help but wonder — and hope — if a new IPO era is coming.
IRL Highlights
The Courage to Come Back Awards happened this week — a standout evening. I was seated just a short walk away from a few local celebs: Chuck We, Ashley Chandler, Sarah Kirby-Yung, and Mike Klassen.
One conversation that stuck with me? The idea to temporarily allow second-floor (and higher) venues along Granville — a nod to the vibrant, stacked setups of Austin’s Sixth Street (live music, anyone?). We don’t have to dive in headfirst — just apply the same “temporarily temporary” mindset we saw with COVID-era patio expansions. Why wouldn’t we?
Also This Week 🌷 the Cause We Care Foundation Mother’s Day Luncheon was held at Aritzia’s head office — a stunning space for a truly meaningful event. The gathering was flawlessly executed and deeply moving, serving as a powerful reminder of why supporting single mothers and their families is so vitally important.
Week in Vibes
✅My business partner’s daughter got some good news — big smiles all around
⛳️Hit some balls at Point Grey Golf & Country Club with my friend Jeanine Froggatt who is building Après Club (more on this another day, but if you own a private tennis court, pls reach out!). And HMU if you want to play.
🍽️Mastermind Dinner hosted by Hamid Etebarian (Offerland) and Arya Rashtchian (Omnicart)
Where You’ll Find Me This Week
📍 In Cannes during the Film Festival
📋 Cortico board meeting on deck
As always, my personal website is here.
If you like Equity, Etc., forward it to someone who might too.
And if we haven’t met IRL — I’d love to.
-Em