Steve Anderson runs Baseline Ventures as a one-person firm designed around realistic $50M–$200M outcomes rather than chasing billion-dollar exits, allowing founders to keep substantially more equity than traditional Sand Hill Road deals while he makes investment decisions in roughly 30 minutes when he has conviction. He focuses on backing product-market-fit geniuses at the idea stage—like investing in Instagram when it was still called Burbn and helping recruit co-founder Mike Krieger—and designs seed rounds specifically to maximize 12–18 months of runway for founders to explore and iterate toward product-market fit. Steve Anderson runs Baseline Ventures as a one-person firm designed around realistic $50M–$200M outcomes rather than chasing billion-dollar exits, allowing founders to keep substantially more equity than traditional Sand Hill Road deals while he makes investment decisions in roughly 30 minutes when he has conviction. He focuses on backing product-market-fit geniuses at the idea stage—like investing in Instagram when it was still called Burbn and helping recruit co-founder Mike Krieger—and designs seed rounds specifically to maximize 12–18 months of runway for founders to explore and iterate toward product-market fit.