Every VC looks for big winners. But most have more ‘meh’ companies than DataDog type. New phenomenon to watch among VCs in ‘meh’ companies: “Well, we are not going to do our pro-rata, or even close to it. I mean solo capitalists don’t promise that, right?” Sink/Swim.https://twitter.com/semil/status/1294814925810892800 …
I’m not sure this take is correct. Esp. For fund 1 before it matures, downside management will play a much bigger role in paper value than any early successes. Really hard to only swing for the fences when you don’t have time for those bets to mature without destroying returns