
A rental-car surcharge helped send Josh Mangel into the delivery business. At Pipe, he took on a different delay: the distance between earning recurring revenue and having the cash to spend.

Before Pipe reached a $2 billion valuation, Harry Hurst was learning what money could buy him: time, ownership and a way to choose his next move. His journey from British market stalls to startup investing keeps returning to the same question - how much freedom does a founder get to keep?