Another day, another bloviating "think piece" written by a consumer VC. When will we call out this content free garbage for what it is? Minimum viable product,

Another day, another bloviating "think piece" written by a consumer VC. When will we call out this content free garbage for what it is? Minimum viable product, minimum viable company, all of these masquerade the idea casino that many large consumer VCs function inside of which occlude their mechanisms and numbers. Consumer VC is a historically poor performing asset class that funnels pension money into lightweight marketing experiments that enrich the operators much more so than the institutional asset holders via the greater fool theory. The exceptions (Facebook, Google, etc) prove the rule (WeWork). By the way, let's take those two classes (FB/G vs WeWork) into consideration. If you want to read a better article about corporate craft, read this article [1] by a Two Sigma investor. The hypothesis is very simple: gross margins matter, and it's challenging to build a company with defensibly high valuation without them. You'll notice that while Facebook and Google are high margin businesses with giant valuations, WeWork raised on premises that were out of line with the reality of their margins, and which were subsequently brought back down to earth. Build a company with high margins and taking on VC capital will become a choice, not a necessity. That's the way it should be.