VCs Do the Least Work on Their Largest Check
A follow-on is a new investment priced at a new stage, but it rarely gets judged like one.
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A $1B Exit Is 8x Harder Than Getting into Harvard. A $10B Exit Is 56x Harder.
The “VC view” of our top 500 value drivers list – with IPOs valued six months out, when lockups often expire – doesn’t improve the odds of outsized startup exits.
$1B Funds Require Outcomes That Are Rarer Than You Think
Funds over $1 billion took nearly three quarters of US venture dollars this year, all chasing outcomes only about a dozen companies have reached in 25 years.
What Do Great Founders Have in Common? Less Than Everyone Wants to Believe.
My own colleagues ask me this all the time. So I went through my whole portfolio, more than 75 companies over a dozen-plus years, and looked as hard as I could.
Your Hit Rate Is Fixed. Your Number of Shots Isn’t.
The world holds more randomness than we admit. Default Yes to showing up.
Did VCs Overcomplicate a Three-Step Job?
Strategy matters, but it can become a substitute for the unglamorous work of finding the next great company.