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The dirty (open?) secret is that most software tech VCs are absolutely awful at their jobs. Just completely useless except as glorified rolodexes. It’s not like
by civilitty 3y ago
The dirty (open?) secret is that most software tech VCs are absolutely awful at their jobs. Just completely useless except as glorified rolodexes. It’s not like biotech where they’re forced to face their ignorance head on, software allows them to coast on weapons grade bullshit until the chickens come to roost (conveniently after the second fund has been raised). Even the big guys who have the clout to be consistently at the front of the line for the best deals like Sequoia are just fools with more money who invest in absolute disasters like SBF without a shred of due diligence. If biotech investors were this dumb we’d still be shooting up snake oil at the dentist’s office.
The tide coming out with interest rates will hopefully reshuffle the industry.
- blantonl 3y agoBiotech isn't immune to weapons grade bullshit. Theranos enters the chat and would like to have a word.
- civilitty 3y ago> Theranos enters the chat and would like to have a word. Theranos is the perfect case in point: no biotech VC invested in Theranos. Not a single one. They avoided it like the plague because anyone who did any due diligence knew that using blood from a finger prick for accurate diagnostics was a physical impossibility. The list of Theranos investors is all "dumb money" like Rupert Murdoch, Betsy DeVos (that Betsy DeVos), Larry Ellison, Robert Kraft, and the Walton family among others.