Altos Ventures

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For centuries, writers, poets and philosophers have pondered the dichotomy of the Fox and the Hedgehog. In a business context, we first read about these characters in the book “Good to Great.” According to its author, Jim Collins, “the fox is a cunning creature, able to devise a myriad of strategies for sneak attacks upon the hedgehog…Fast, sleek, beautiful, fleet of foot, and crafty – the fox looks like the sure winner. The hedgehog on the other hand, is a dowdier creature…He waddles along, going about his simple day, searching for lunch and taking care of his home…(but) despite the greater cunning of the fox, the hedgehog always wins.” In our business, we’ve also thought about the Fox and the Hedgehog – and by observing them carefully, we’ve learned a few things. (The following comments may seem unconventional and a bit tongue in cheek, but based on real life characters in Silicon Valley). Foxes tend to be serial entrepreneurs. Hedgehogs tend to stay at one company forever. (Some peo

Foxes and Hedgehogs - Altos Ventures Ventures Venture Differently Foxes and Hedgehogs The Series B Trap – And How to Avoid It Cargo Cult Capital Why Big, Why Now, Why You? How Do You Know? Focus on the Controllables Learning to Give a Damn Decoding Due Diligence Venture Lotto Ousting the Founder Vertical Markets: A Trillion Dollar Opportunity Beyond Competitive Advantage Paradox of the Power Law in Venture Capital Foxes and Hedgehogs Entrepreneurship / Efficiency / Management / “The fox knows many things; the hedgehog knows one big thing.” – Archilochus, 8th century BC For centuries, writers,

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