GP partnerships are highly time and attention constrained, making them the opposite of scalable. Most processes are run manually, and there is rarely much use of software or automation to help source, assess, or execute deals.

Amsterdam, he explains, maintains a fine balance of individual and collective. This was never a Wild West town. Rather, because Amsterdammers have had to work together to maintain the dikes, society has been strong. The 17th-century merchants created “some of Europe’s first orphanages, homes for the elderly” and neighbourhoods where rich and poor l... See more

A third big issue in the venture industry is that most modern venture firms have broken incentive structures that misalign outcomes between GPs and LPs.

As with other forms of Cheems, there is obviously an important distinction here between ‘friends giving you helpful advice about obstacles you’ll need to overcome, or trade-offs to be aware of’, and ‘reflexive cynicism’. 

First, most venture capital firms use antiquated business models that prevent them from being able to move quickly, reach scale, and establish strong competitive moats. Most venture firms are built on a partnership model, like law firms.

The second structural problem with the VC industry is that most venture firms are selling a product that is fundamentally an undifferentiated commodity — capital.

Pretty basic! And yet, nothing on the internet presently allows me to do this — not in a way that’s sufficiently simple, expressive, and predictable.

This looks less like a process  of secularization and more like a paradigmatic shift from an institutional to a personal understanding of  spirituality.  In a qualitative study of a 100 teenagers in five major cities, Richard Flory and Donald Miller found that  millennials are not “the spiritual consumers of their parents’ gener... See more

1. young funds invest particularly early2. emerging VC focuses on trends at early stage3. new fund managers have different work experience