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 25th
3. Investors who invested well or again, were in the right place at the right time.
4. Those born with lucky sper...