I'm an LP in TS. I'm not an expert (and certainly can't speak for them), but my sense is that it's about the LP base. I think that Tiny Seed raised all of its capital from individual entrepreneurs (or people otherwise active in the independent software world). Unlike big institutional LPs (or professional fund managers hired by family foundations), we don't care about markups and stuff like that on judging interim IRR. We get the model and are much more willing to wait for long-term results.

TS does not fight the math of venture capital the same way Indie.VC did. My understanding from Einar (and the reason I made an LP commitment) is that the same extreme power law of returns that characterizes traditional early-stage venture is at play in Micro-SaaS: the exits are an order of magnitude smaller but you also buy in at prices that are an order of magnitude smaller.

It may be telling that, in response to my "Seed investments follow an alpha < 2 power law" paper, Bryce (whom I have never met) posted something dismissive on twitter whereas Einar reached out to me to discuss how he could validate a similar hypothesis for his own investing.

Thank you ;)