The Impero Blog

Owning > Earning

Notes from Mike Nathan on ownership, raising capital, building an audience and putting AI to work. New posts every weekday.

Bootstrapping Vs. Raising: The Question You're Answering Wrong

Bootstrapping Vs. Raising: The Question You're Answering Wrong

Mike Nathan
Published on: 09/11/2026

Founders debate bootstrapping versus raising capital as if it's a single, permanent identity choice. It's usually the wrong framing, and treating it as a…

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The Data Room Nobody Builds Until It's Too Late

The Data Room Nobody Builds Until It's Too Late

Mike Nathan
Published on: 05/11/2026

Most founders start assembling a data room the week an interested investor asks for one, scrambling to locate documents that should have already existed…

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Why Down Rounds Aren't The Death Sentence Founders Think They Are

Why Down Rounds Aren't The Death Sentence Founders Think They Are

Mike Nathan
Published on: 03/11/2026

A down round, raising at a lower valuation than your last one, carries a stigma that makes founders avoid it even when it's clearly the right move. That…

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Term Sheets 101: The Five Terms That Actually Matter

Term Sheets 101: The Five Terms That Actually Matter

Mike Nathan
Published on: 30/10/2026

A term sheet can run several pages, and most founders reading their first one focus on the valuation number and skim past the rest. The valuation matters,…

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