Good morning, All,We’ve heard it ad nauseam: the VC model is broken. There is certainly
no shortage of posts on the subject. At TechCrunch Disrupt, Fred Wilson called the
VCs sheep, saying they all wait, then jump into a deal together, usually when it’s too late. Most VCs, said Fred, are not forward looking. Question: do they really
know the industry?Investors are usually:
1. Entrepreneurs who made good
2. Entrepreneurs who got lucky (right company at the right time – early hires as opposed to key players: we know a junior project manager who went to a startup. It was her second job out of school; eighteen months later, the company was acquired and she was a multimillionaire before her 25
th birthday)
3. Investors who invested well or again, were in the right place at the right time.
4. Those born with lucky sper...