In 2014, I was building something that would have competed with Instacart.
Then Instacart raised $44 million dollars.
I looked at that number, decided the game was over, and stopped.
I want to be honest about what was actually happening in my head. It wasn't that I'd done the math and concluded I couldn't win. It was that the press release felt like permission to quit. Someone with more money and more momentum had been anointed. I let the anointment do the strategic thinking for me.
That was the mistake. Not the not-building. The not-thinking.
This week, Marley Jaxx wrote a post about Steven Bartlett's media company hitting a $425 million valuation. The round closed in October. The headline tagline: "The Operating System for the Creator Economy." Backers include Slow Ventures, Apeiron, Alex Hormozi, Codie Sanchez, Bryan Johnson, Gary Vee, and Philipp Freise from KKR.
I read it and felt the same thing I felt in 2014.
A little bit of "the game is over." A little bit of "someone better-funded just got there first."
And then, because I've sat with that feeling for twelve years now, I caught it.
First, kudos.
What Bartlett has built is genuinely impressive. Diary of a CEO didn't become Steven.com by accident. It became Steven.com because he was the one creator who treated the show as the seed of a company, not the company itself. He turned a podcast into IP, the IP into a portfolio thesis, and the portfolio thesis into a nine-figure raise from people who don't write checks lightly.
That's a decade of compounded conviction. He deserves every inch of the headline.
But here's what I missed in 2014, and what most people are about to miss this week.
A press release is not a verdict on the market.
A press release is a signal that the market just became legible to capital.
When Instacart raised $44M, that wasn't the moment the grocery delivery game was decided. That was the moment grocery delivery stopped being a weird idea and started being a category. Categories don't have winners on the day the first big round closes. Categories have entrants. The first entrant to a category usually defines it. The eventual winner is almost never the same company.
I knew that intellectually in 2014. I let the headline override what I knew.
The Steven.com raise is the same kind of moment.
It is not "the creator economy is over." It is "the creator economy just got legible to capital." Somewhere, right now, fifty other founders are reading the same article I read and quietly making the same call I made in 2014. They will close their laptops. They will tell themselves they had a good run. They will go work on something else.
In twelve years, half of them will think about it the way I think about Instacart. The cost of stopping is almost never the project. The cost of stopping is the version of yourself that learned to flinch at headlines.
Here is what I actually know now that I didn't know then.
A nine-figure round announces a thesis. It doesn't enforce one.
Steven.com is a holding company. By design, it can operate maybe fifty creators well. Not five thousand. Not fifty thousand. The model doesn't scale that way, and Bartlett, who is smart, isn't trying to make it. His leverage is in being concentrated, not distributed.
Which means every creator who reads that headline and feels seen, and then does not get a term sheet from Slow Ventures, is still standing in a market that just got its first big validation, with nobody serving them.
That's not a closed door. That's a door someone just propped open with a $425M sign.
I'm building PodGlue. It is software for podcasters who are starting to realize they are running media companies. It pulls every guest, episode, and follow-up thread into one place so the relationships you've built over hundreds of conversations actually compound instead of scattering across five tools. It is not a holding company. It does not take a stake in the show. It does not pick winners. It sells the operating layer to anyone who needs it and gets out of the way of the upside.
If that's the version of "media company" you're quietly running, come see what we're building. Early users are shaping what it becomes.
I'm telling you about it because the lesson of 2014 is that the worst thing I could do this week is hide.
The second-worst thing would be to pretend the Bartlett raise didn't matter. It matters a lot. It validates the category I have been quietly betting on for years. It puts language around what most podcasters can feel but can't articulate. It will make my next investor conversation easier and my next sales conversation shorter.
I'm grateful for it.
If you're a founder who saw a headline this week and felt the air go out of the room, I get it. I made that call once. I'm telling you it was the wrong call.
A press release is not permission to quit. It's permission to take your own conviction more seriously, because someone with a much bigger bullhorn just told the rest of the market that the thing you've been working on is real.
The 2014 version of me would have read the Steven.com headline and stopped.
The 2026 version is shipping faster.
Junaid Ahmed is the host of Hacks & Hobbies and the founder of PodGlue — the operating layer for podcasters running real media companies. Join the waitlist →