Accreditation laws aren’t preventing retail investors from finding the next Uber. The best companies will go to the top firms. VC discovery is highly efficient.
Excess capital would spill over to speculative bets where the EV is ~0. @APompliano
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Replying to @arjunblj @APompliano
This zero sum logic is not how the world works. It’s not an efficient process. Most VCs rely too much on social proof and past traction. If what you say is true YC would not have been possible. My direct view is there is a lot more innovation to be had with more capital
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One possibility: VC involves lots of general knowledge about different industries and macro trends. Accredited investor barriers might lock out specialized non-investors that might be well suited to spot a big opportunity being solved in their niche.
6:34 PM - 18 Sep 2018
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