Last week I was in New York, and it was such a joy to reconnect with so many people I have known for more than a decade. My very first roommate in the West Village is now a fintech founder, and it has been inspiring to come full circle and support each other’s journeys.

First ever Bear and the Bull happy hour was a huge hit - thank you to the dozen of you who showed up and made it a meaningful gathering.

I also had the chance to attend the Primary Ventures Summit, where I heard Serena Williams speak and connected with other investors. I was one of, sadly, only a few women in the room, and at times it felt straight out of that Kacey Musgraves song “Good Ol’ Boys Club”:

On a brighter note, we hosted the first-ever Bear and the Bull happy hour, and it was a huge success. Thank you to the dozen of you who showed up and made it such a meaningful gathering.

The next one will be in San Diego on Tuesday. If you are free or know someone who might enjoy it, come join us:https://partiful.com/e/UQw70DDKG0v2h0T8Mqo7

This week I’m in Jackson, MS covering an incredible event, DeltaFest. The warmth and hospitality here has been incredible, and it reminds me so much of my hometown of Louisville: funny, generous people who take seasoning and libations extremely seriously.

I have also added paid subscription tiers to this newsletter l and will be building out more exclusive content for subscribers. If you have been enjoying this journey, I would love for you to sign up and be part of what is next. A bigger rollout + discounts for students is coming too!

I sometimes joke that only my mom reads my newsletter, but lately I have been getting so much great feedback from this readership.

I am so grateful for all of you who share this newsletter and reach out with messages of encouragement. A friend recently told me, “When you are building consistently, it can feel like no one is watching.” That resonated.

It is easy to get caught up in the silence, but your notes and support remind me that you are reading, you are sharing, and you are rooting for this journey. Here’s just a few examples that warmed my heart:

Thank you for being part of it.

Oh, and don’t forget to click the link at the bottom of this email ;)

Last week in New York, I sat down with a fintech founder who has navigated the messy middle between early traction and institutional scale.

What struck me most was how much of their time and anxiety was spent not on product or growth, but on governance.

This founder told me plainly: “The board is where control gets tested. If you do not have the right structures, you risk being managed by your cap table instead of managing your company.”

That line has been echoing as I read The Economist’s recent analysis of the private markets. The headline takeaway: investors are finding increasingly strange ways to access startup equity, from secondary SPVs to tokenized shares. A record $102 billion in VC stakes traded hands in the first half of 2025, up 41 percent from last year. But with this frenzy comes new governance headaches.

Founders now face pressure on two fronts:

The conversation in NYC reminded me that governance is not a box-ticking exercise. It is a founder’s frontline defense against dilution of both control and vision.

And in today’s market, where outsiders are willing to pay premiums for indirect exposure to AI or space-tech, it is also the only way to ensure your company’s long-term strategy is not hijacked by short-term hype.

Here are five key takeaways on why governance matters now more than ever.

1️⃣Boards are leverage points.

A board is not simply a group of advisors but the structure through which strategy and accountability are enforced.

Founders who curate aligned, experienced members can use their board as a strategic asset to weather downturns and fundraising cycles. Without that alignment, boards can quickly become a liability that forces decisions inconsistent with the founder’s vision.

2️⃣ SPVs can be double-edged swords

SPVs can streamline a cap table by consolidating investors into one line.

Yet they often conceal the true composition of the shareholder base, leaving founders to contend with a diffuse group of indirect investors. This opacity makes it harder to maintain trust and can create unforeseen pressure points in governance.

3️⃣ Regulatory thresholds are creeping closer.

Companies with more than 2,000 shareholders and $10 million in assets are required to report to the SEC.

With the explosion of secondary markets and private exchanges, many startups risk hitting that threshold far earlier than expected. Good governance means actively monitoring ownership dynamics so compliance does not become a costly and unplanned distraction.

4️⃣ Liquidity does not equal alignment.

Tender offers and secondaries give employees and early investors welcome liquidity, but they also introduce competing interests.

Some stakeholders may want quick cash-outs while others push for long-term growth. Boards need to set clear policies to ensure that liquidity events support, rather than erode, the company’s mission.

5️⃣ Private is no longer quiet.

The idea that startups can operate quietly until IPO is increasingly obsolete. With SPVs, private exchanges, and tokenized shares, private companies are exposed to new layers of scrutiny and complexity. Strong governance is the only safeguard that keeps founders focused on building while ensuring external noise does not undermine control.

As always, I’m all ears.

What do you think—how have you seen governance help (or hinder) companies navigating today’s private market pressures? Share in the comments or send me a note.

My piece on Russian sanctions for Forbes to be 2nd highest in terms of views - thank you. You know that as subscribers, you’re getting fresh content first.

👀I am also working on a collaboration with Business Insider that I cannot wait to share with you soon.

🎧Next week’s Money Memories will be with Affinity Federal Credit Unions. Stay tuned and don’t forget to download wherever you listen to podcasts.

If you are attending any of these upcoming events, let me know. I would love to find time to connect:

I think the only Lululemon item I have ever owned was a corporate swag sweater that I donated to Goodwill after I left that company:

Leggins, like stationary bikes (see: Peloton) are commodities.

I said what I said.

📌JAMA Launche Dedicated Women’s Health Channel Thank you to one of my subscribers who shared this announcement with me! It’s always a treat to see things you have covered before (first!) get featured in other places formats.

📌Oblique Seville Wins 100m Title: I’ve been a fan of Oblique Seville ever since I learned from Sprint that, like me, he is a fellow short person. The World Athletics Championship coverage has been excellent, and the graphic showing just how global the sport truly is was incredible. If you are not watching yet, now is the time to start!

Till next week,
Ilona

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