VCs are experts at analyzing industries and identifying new opportunities, which is why it’s odd that the VC industry itself has so stubbornly resisted change. Two years ago I wrote a post where I argued that innovative new VC firms are finally starting to change this: Top tier […]

Shoehorning startups into the VC model

Tech startups go in an out of fashion. When they’re in fashion, as they are now, entrepreneurs and VCs get lots of attention. Most of this attention focuses on things that involve money, like financings and acquisitions. For some entrepreneurs, raising venture capital becomes a goal unto itself, […]

Critics and practitioners

“When art critics get together they talk about Form and Structure and Meaning. When artists get together they talk about where you can buy cheap turpentine.” – Picasso (via Ribbonfarm) When I was a kid, I tagged along with my grandfather who was an oboist in a big […]

Revisited: big VCs investing in seed rounds

A few years ago, the trend of companies raising smaller seed rounds combined with the emergence of new seed funds caused many big VCs to create seed investment programs. This triggered a debate among entrepreneurs and investors about whether it was risky for seed-stage companies to take small […]

Allocation investing and the social premium

The rational way to invest in something – a startup, public company, venture capital firm, real estate project, etc. – is to base your decision on an assessment of its fundamental value. The most common way to do this is to try to predict the asset’s future profits. In […]

Notes on raising seed financing

Last night I taught a class via Skillshare (disclosure: Founder Collective is an investor) about how to raise a seed round.  After a long day I wasn’t particularly looking forward to it, but it turned out to be a lot of fun and I stayed well past the […]