An open letter to my investors and former teammates.
It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
— Theodore Roosevelt
I first encountered this passage in a small frame featured prominently to the left of the medicine cabinet mirror on my grandfather's bathroom wall. He read it every day, a constant reminder to live with boldness. It's with that passage in mind that I write this letter to my investors, my team, and anyone who supported me along the way.
Last week, with the announcement that Andros has been acquired, we mark the end of a chapter. It's not ending the way we envisioned. Instead it's a day to admit I'm the man Roosevelt described — marred by dust, sweat, and blood. The guy who erred and came up short — an exit without much to show for it.
At the right time, one-on-one with a cold brew, there are plenty of stories to share. But today, there are just two things I need to say.
First, thank you for believing in me enough to write me a check, spend part of your career with me, or provide thoughtful advice, counsel or mentorship. Your confidence in me helped me feel a sense of belonging and purpose. Your passion for our shared mission to improve our healthcare system inspires me. Your advice has helped me become a better operator. I'm forever thankful that our paths crossed.
Second, the chapter of Andros is done, but the game is far from over. Successes are easily measured in dollars and net worth. Failures require something deeper: an understanding of infinite game theory. Business is an infinite game. Its horizons change as we grow and its rules shift as we develop. The Andros chapter is over, but the horizons are bright with the promise of opportunity to put everything I've learned over these years into action, and to keep playing the game of life and business. That's what I'm doing at Layer One Capital. Follow me if you're curious to see how the next chapters unfold.
With thanks, Mike