VCs are supposed to earn their substantial keep by identifying promising opportunities and turning them into profitable businesses. Following the pack would seem to undermine the very principle of venture investing. Yet VCs have largely mirrored the public markets, first pouring irrational sums into Net retailing plays, and then moving on to b-to-b, and then to infrastructure, and then to wireless, and then to fiber optics.
Editor’s Note: the original site is out of business so I am linking to the archive.org archive of the article – it can be quite slow at times…
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