The Negative Split

Introducing "The Negative Split", Notion Capital's Guide to Founder Endurance.

In elite marathons, the real race begins at the second split.

The first half feels strong, even effortless, but the second half is where fatigue sets in and only those who’ve paced themselves: trained, recovered, leaned on coaches and teams, can push through to the finish.

Founders face a similar test.

The early stages of building a company often feel exhilarating, but the real strain comes later, when long hours, sleepless nights, investor pressures, and isolation compound. This report stems from a personal passion of mine: I deeply believe that a healthy mind and body are the foundation of clarity and lasting performance. Every founder has different levels of resilience and unique ways of coping with pressure, and in this report you’ll find a wide range of practical strategies and lived experiences.

These are not abstract theories but real data to dig into and real examples of founders, sharing with fellow founders, how they sustain their best over the long run. Like athletes, founders are not ultimately judged on how they start, but on how they run the race. This report explores what helps them manage their own second split - and what can happen when they don’t.