Mission Lock | Liz Rockett
Hey all, this is Liz. (If we haven't met, more on me below. Welcome!) I'd like to answer this question with a different question. What is the purpose of venture capital? What is the purpose of entrepreneurship? I got into it believing venture capital to be a path to change things. A lot of us got into our work -- whether venture investing, starting a company, or joining an early stage company -- because we wanted to see things change. Indeed, many healthcare venture capitalists tell me that they are impact investors. I'd love this to be true, but I've found the reality to be a little less aspirational. The purpose of venture capital is to maximize its own returns. I've been amazed at what we're willing to trade off to achieve those returns. Which leads me at last to the answer to your question: A "mission lock" is a way for an organization to lock in its focus on its mission. Because to achieve impact, intention matters, but so does structure. Mission locks, whether they are c
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