Critical thinking is difficult to do in large groups. Criticizing in a group setting tends to polarize it, and there are immediate and overriding political considerations of doing so. What’s more, some people hate to speak out in a group, while others thrive on so doing. This guarantees that the group will be led by personalities and personal interests more than it will be by the quality of ideas.
Life as a VC is a sea of meetings. Really, it is a lot of meetings. Most of them are single meetings, with no follow-ups. Most don’t result in an investment in a company at all. In 2011 I had first meetings with just over 350 companies, plus another 100 more as parts of business plan judging and demo days. Those meetings resulted in just four investments for me (Tumblr, Dropbox, Clearslide and Citrus Lane) plus a handful of seed investments. That’s a massive “bias-to-no” for any profession – 99% or so. It’s a tough negative bias, and every investor I know is affected by it in some way. But that one percent is like a lightning strike: those meetings can form the basis for some of the most interesting and meaningful work you’ll ever do.
this pretty much captures life as VC
For something like seventeen years, I have been investing in entrepreneurs who have had the freedom to innovate on the Internet. It has been a powerful life lesson for me. These people imagine something, they create it, and they are off and running building a business, hiring employees, generating cash flow. They ask nobody for permission. They don’t need any permits. They don’t need any real estate. All they need is a server (now rented in the cloud from Amazon and others) and a laptop or two and they are good to go.