That was a nice read, though I do think they should've gone into more detail on sourcing and decision making. VCs (unless you are Sequoia) can get really stres

That was a nice read, though I do think they should've gone into more detail on sourcing and decision making. VCs (unless you are Sequoia) can get really stressed about good deal flow in sourcing. The 100:1 pitch:invest ratio is telling, and there is a lot of time wasted talking to startups where the current VC partner is not the right person to be evaluating the company. I would guess a good fraction of those 99 end up getting investments, but by a VC better suited to evaluate them. This is connected to decision making. The paper lists management as the most important factor, which I would agree with, but mostly because the VCs are domain specialists. By the time decision making gets intense, they already know (usually) how they feel about the business model. That doesn't mean it isn't as important, it is just a lot harder to judge talent.