Sublime

set aside “reserves,” expected monies that they anticipate they might invest in a startup over the course of its next several financing rounds.

Every time you raise capital, you should think of it as a marriage: a long-term commitment between two individuals based on trust, mutual respect, and shared goals.

think two moves—and two investment rounds—ahead.

The venture capitalists backing eBay asked around and heard that one did not work with Jeff Bezos; one worked for him.

over the last twenty years, Yale’s venture capital portfolio has returned about 77 percent annually. No, that is not a typo—basically, that means that Yale has been doubling its money in venture capital every year for the last twenty years!

venture capitalists are causally responsible for the launch of one-fifth of the 300 largest US public companies in existence today. Moreover, they estimate that three-quarters of the largest US VC-backed companies would not have existed or achieved their current scale without VC support.