According to Sam Lessin, about 1% of Slow Ventures’ bets turn out to be fraud. His take: if your seed portfolio has no fraud whatsoever, you’re probably not being creative enough. Jason, Sam, and fellow VC roundtable experts Paige Doherty and Jenny Fielding argue that diligence has to scale with the check. If you’re giving out $25K or $100K, you don’t have the time or funds for deep diligence. But if you’re writing a $100M check, you can’t afford to skip it. Hear the panel discuss when a little diligence is good enough and what went wrong with Theranos, FTX, and other infamous disasters on TWiST 2353. @jason, @lessin, @paigefinnn, @jefielding, @slow, @behind_genius, @EverywhereVC, @Lons 0:00 Our new “This Week in VC” newsletter 2:57 Panel intro: Sam Lessin, Paige Doherty, Jenny Fielding 8:51 Why gambling loses appeal for VCs 11:44 Plaud: If your work depends on conversations - interviews, meetings, calls - you need a Plaud NotePin S. You can check it out at and use code TWIST for 10% off! 17:00 DigitalOcean - Head to to start building on DigitalOcean's AI-Native Cloud today - and cut your AI workload costs by up to 50% 18:17 Best moments from “You Can See Everything” 22:24 Unreliable narrators and unknowable situations 25:23 Living in a post-truth moment 30:44 Due diligence horror stories 33:27 Odoo: The all-in-one business platform. Your first app is free! Get started today at 35:32 The VCs remember their fraud investments 39:21 How LAUNCH trains founders to prep for diligence 45:13 How Elizabeth Holmes kept raising money 55:36 Would you invest in an Elizabeth Holmes company? 58:09 Thanks to our partners at Rippling! Head to and get the only AI built to give you full visibility across your startup and take complex actions across your entire business. 1:03:10 Why seed funds need pro rata rights 1:09:44 When “founder friendly” means rolling over 1:17:07 The three investor relationships: team, founders, LPs 1:21:44 ElevenLabs “Archer” voice controversy 1:27:58 How NIL deals reshaped college sports 1:34:36 Cameo for Business and long-tail celeb endorsements 1:36:33 Portfolio company shoutouts 🎥 Watch the full episode here 👇