VC is a tricky business. Most operating at scale see more variety in their deal flow than they could hope to understand in any deep way. This is one of the reas

VC is a tricky business. Most operating at scale see more variety in their deal flow than they could hope to understand in any deep way. This is one of the reasons team & traction matters so much more in early funding rounds (1); evaluating product is difficult even for engineers with domain experience (2). Much more so for a finance major with domain experience in private equity & TED Talks. Hype trains give VCs three ways to win: the hype proves real; the hype lasts long enough to WeWork an exit; a portfolio that includes prominent hype sector start-ups helps ensure the VCs next fund is fully subscribed. Add to that the recognition that all going-somewhere trains were hype trains at one point in time and it’s silly to expect the latest round of fraud and tulip-mania to teach VCs lasting lessons. 1. I’m told biotech/pharma VCs are more product versed and focused. 2. “When this product hockey sticks there won’t be time to rebrand. That’s why we have to change to Meta now. Or maybe X. Whichever has the better bespoke font.”