Ownership structure is decided at pre-seed, long before anyone is watching. That is why early capital is the only capital that changes outcomes.
Every unconstrained network ends the same way. Value accrues to the center, the center sets the rules, and the participants who created the value hold none of it. This is not a moral failure of any particular platform. It is what the mathematics of an unconstrained network produces.
By the time a company reaches its Series B, its ownership structure is largely fixed. The decisions that determine whether power distributes or concentrates were made years earlier, at pre-seed, in documents nobody outside the room reads.
This is why we invest where we do. Not because early stage returns better, but because early stage is where the structural questions are still open.
We ask one question of every company we look at. If this succeeds completely, who holds the power? If the honest answer is a small group at the center, the technology may still be excellent and the return may still be real. It is simply not what we are here to fund.
This filter removes companies we would otherwise want. Some of them go on to succeed enormously. We accept that. A thesis that costs nothing to hold is not a thesis.