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The last seven years were a terrible time to learn the craft of venture capital. Exogenous shocks, passive flows flooding the public markets, and an absurd terminal-value concept in software all
The last seven years were a terrible time to learn the craft of venture capital. Exogenous shocks, passive flows flooding the public markets, and an absurd terminal-value concept in software all rewarded motion over judgment. That world is over. In category after category, the terminal value we once counted on no longer holds, which means the old game of marking up your book and praying for a rerun of venture beta is a fool's errand. And it’s a terrible way to really support founders. What our industry needs now is far more economic sophistication. The last generation of venture won on…
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