"What does great-uncle do on the Board of Willing Hearts?" my daughter asked. Well - most of the time, if you're on the board of a non-profit, you're raising money. "What is a non-profit?" she asks. Oh my goodness, have I failed as a VC if my 9 year old doesn't know what profit is? I hastily explained the waterfall from revenue, to COGS, Opex, and finally profit. "Ok, but then how does a non-profit work?" People can do things for non-profit oriented reasons. Charities can run at breakeven, an...

"What does great-uncle do on the Board of Willing Hearts?" my daughter asked. Well - most of the time, if you're on the board of a non-profit, you're raising money. "What is a non-profit?" she asks. Oh my goodness, have I failed as a VC if my 9 year old doesn't know what profit is? I hastily explained the waterfall from revenue, to COGS, Opex, and finally profit. "Ok, but then how does a non-profit work?" People can do things for non-profit oriented reasons. Charities can run at breakeven, an...