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Inertia, mortality, & Friendship

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After spending some time reflecting on 2019, I figured I’d write out these thoughts more for my close friends, and it’s possible at some point I’ll publish an edited version of this without a password. Disclaimer that many of the views expressed below on life come from a specific type of experience both on growing up and of economic status and mobility. My key learnings/top of...

Serendipity in Venture Capital is BS…(and other views on the seed VC landscape)

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Disclaimer: I believe that unless you are one of a few firms, there is no possible claim that there is a “correct” way to do venture, only to treat people with respect along the way. Venture capital started as a network heavy business and arguably still is to many. I don’t think that is dominant anymore. The Early Days: VC was the ultimate network business Venture capital started as the ultimate...

Why your startup idea isn’t big enough for some VCs

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Venture Capital functions with a power law where the majority of a fund’s returns come from a small percentage of investments. Because of this, VCs need to know if a single investment can return the entire fund. As Bill Gurley famously said “Venture capital is not even a home run business. It’s a grand slam business.” This is where the Return The Fund (RTF) analysis comes into play.

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