The document outlines investment "rules" that are more like guidelines for evaluating potential investments. It suggests only investing in businesses that solve compelling problems with awesome teams, have an interesting product or service that could attract customers, show evidence of product-market fit based on customer and market data, and can offer a reasonable deal that provides over a year of funding and an interesting stake for the investors while fully committing the founding team. The key is to give the investors at least one great reason to say yes rather than focusing on the many potential reasons to say no.

1. Our investment ‘rules’
Actually, they’re more like guidelines...

2. What is the problem?
Only invest in businesses which solve compelling problems

3. Are they awesome?
Only invest in awesome teams
(Teams who are technically brilliant, get shit done, and are not liars)

4. Is it interesting?
If you can’t light our fire, why should we believe that you can
light anyone’s fire?
(You might still be a great investment, we might just not get it)

5. On the right track?
Does Customer + Product + Market data suggest Product
/ Market Fit might be close?

6. Can we do a deal?
Cash provides at least 12 months runway
Valuation allows us to get an interesting stake
Team is 100% committed

7. Do we have at least one great reason to
say yes?
There are always lots of reasons to say no

8. In a nutshell
Solve a problem
Be awesome
Be interesting
Get results
Be reasonable
Give us a reason to say yes