Traded traces Dan Teran and James Gettinger's path from 110 angel investments to an early stage fund focused on working closely with a small group of companies. Their small-by-design approach has yielded strong results, with Fund I sitting in the top decile of its vintage and portfolio companies graduating from Seed to Series A at twice the industry average. Traded covers Gutter's case for New York as the next home for applied AI, what the firm looks for in founders, and why Teran believes first-time founders are undervalued in today's consensus-driven market. This is why Dan and James decided to launch Elbow Grease, a founder-led accelerator in the heart of New York City that is focused on helping early-stage founders build their business in the age of AI.