Good investors are excited rather than alarmed when one of their heuristics stops working. Like good writers, they have the confidence to cut.
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Like most fields, picking startups has rules that work. Unlike most fields, one of those rules is "Most rules don't work forever."
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What are some of the others?
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A product manager's view:https://blog.eutopian.io/better-odds-for-vcs--founders/ …
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This is totally like in most fields.
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Anything related to people
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People are more important than ideas (works forever
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If there weren’t rules that work repeatedly, repeat success as an investor would be down to chance. Incentives around figuring out the rules, and how to follow them, are especially high in some fields (like startups/VC)—which inevitably causes the rules to change
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Rules break down frequently when working at higher levels of leverage / multiple layers of abstraction.
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I think you would be surprised how well this can apply to almost any pursuit. Almost everything we do is subject to a market - even music & art. Sometimes it’s just a market of attention rather than money. But there is supply and demand. There are “valuations” on activities.
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There are periods of time where certain approaches or activities are contrarian and undervalued. Big opportunity lies here. But often these approaches get found out and become “the way” - they become oversaturated - it turns into blind dogma.
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