That framework has proven to be valuable during the pandemic. “We think it’s irresponsible not to gather as much quality data as you can before you start building,” said Gottesman. Ideas that went through the ringer and never made it out include an online music lesson platform a baby food subscription service and an esports coaching marketplace. We pride ourselves on killing ideas quickly and ruthlessly. “We pride ourselves on killing ideas quickly and ruthlessly,” said Gottesman, who previously served as a managing director at Seattle’s Madrona Venture Group. It uses phone calls and structured interviews with customers landing pages and targeted traffic and other tools, including custom-built software that helps PSL assess whether it should refine an idea, work on it some more, or kill it. PSL has a maniacal focus on getting customer signal as quickly as possible for a potential idea. One of the first things that stands out is PSL’s high “kill rate.” To get to the 25 startups in the PSL portfolio, the firm eliminated about 215 ideas that didn’t make the cut. “There are some billion-dollar companies in there,” said PSL managing director Greg Gottesman. But the firm is bullish about the future. Most of the 25 PSL spinouts have launched in the past 18 months. Venture capital is a long game, and it’s still early innings. And some are critical of the startup studio model, saying firms such as PSL take too much stock ownership from founders, increasing dilution and potentially dissuading future investors. Only one portfolio company has raised a Series B round or later. It does not yet have a breakout star or Seattle’s next unicorn. PSL’s long-term impact on the Seattle startup ecosystem remains to be seen. “They are filling the gap for experienced entrepreneurs that want to move as fast as possible to get through the first steps required to establish any company,” said Omri Bahat, a Seattle angel investor and Alliance of Angels board member who has backed multiple PSL companies.
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