Jun 3, 2026 · 1 hr 23 min · 16 segments
What if the science works, the market is ready, and your company still dies? In this episode of Why Design, Bill Liao shares the belief that sits at the heart of his work: that the stories we…
Bill LiaoGuestChris WhiteHost
I'll give you a classic example where one of my portfolio companies is deeply into alternative material manufacturing.

The science had everything you would want, right? Pure circular economy, huge potential market, interested customers, some of the top brands that you can imagine.

About a year in after the program, they'd raised their first money and they had an argument between the three founders and they ejected one of the founders.

And because they didn't have founder vesting, that founder took a fairly large chunk of the capital of the company, like a fairly large chunk of the equity with them and just sat on it, pissed off.

I'll give you a classic example where one of my portfolio companies is deeply into alternative material manufacturing.

The science had everything you would want, right? Pure circular economy, huge potential market, interested customers, some of the top brands that you can imagine.

About a year in after the program, they'd raised their first money and they had an argument between the three founders and they ejected one of the founders.

And because they didn't have founder vesting, that founder took a fairly large chunk of the capital of the company, like a fairly large chunk of the equity with them and just sat on it, pissed off.
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