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Fundamentally, venture capital is the business of identifying & believing in ambitious people who need someone to believe in them. The greater the extent to which they're underestimated, the more you stand to gain — why is this *never* articulated?
Not to say that VC works perfectly... but if it systematically fails to identify certain kinds of value, that’s a massive exploitable opportunity conferring rewards proportionate to the egregiousness of the systemic error
In other words, “the idea seemed crazy so they ALMOST couldn’t find funding” is exactly what you should expect to see if the system *is working*
If you believe both (a) good entrepreneurial ideas matter & (b) VC is systemically biased in some direction that makes it a poor evaluator of ideas, you should predict that a fresh team is about to come in & wipe the floor with the good ol’ boys
What's Zvi getting wrong here?https://thezvi.wordpress.com/2015/05/15/in-a-world-of-venture-capital/ …
Right. The sectarian investment firms SHOULD outperform standard firms, of the underrepresentation thesis is correct. The market is running an epic test at scale, and we’ll know the answer in 15 years.
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