So if not for the structure, what caused venture’s shift towards such risk-averse investing? As fund sizes grew dramatically and a tech boom spurred a startup surge, the industry's emphasis shifted from discerning selection towards a more diversified 'spray and pray' approach, diluting the value of traditional tasteful investing. When the game of... See more

For someone to be successful in starting a company and then turning it into a multigenerational business, they need to have good taste in at least these two things: ideas to pursue and people to recruit.