ARR Is Not the Problem. The Institutional Vacuum Around It Is.
SUBSTACK
entrepreneurship venture capital ai This essay is published on Substack. Read the full post →
When Cluely’s CEO admitted to inflating ARR by 35%, the easy story was founder ethics. The harder story is institutional design — what happens when an entire ecosystem builds an investment thesis around a metric with no agreed definition and no countervailing institution incentivized to police it.