pretty awesome analysis, i've definitely had some misconceptions dispelled and some suspicions confirmed. extremely helpful for an active angel investor like myself. i particularly like knowing the optimal range for how many times a startup should pivot.
I like the astute observations being made, but I'd like to suggest that leverage is a bad thing for startups in a developed economy. I think everything stated still holds if you substitute "equity investment" for leverage, and the result for everyone tends to be better.
They aren't using the term "leverage" in the financial sense (investing money that you borrowed). By "leverage", the article author means "ability to control a situation and/or make your dream come true."
