Summary List PlacementWhen his previous startup was teetering on collapse, Peter Johnston sat in his bedroom-office and called his investors one-by-one. The enterprise company he had spent the last seven years building was running out of cash and laying off employees during the pandemic. Johnston felt nervous as he phoned his backers to say the startup was doomed to close. He apologized. But one investor, James Fitzgerald of Valar Ventures, told him to never apologize for wasting venture capital.