"Formidable" is entirely in the eyes of the beholder. This means what's formidable to one investor is not to another, for a wide range of reasons - market focus

"Formidable" is entirely in the eyes of the beholder. This means what's formidable to one investor is not to another, for a wide range of reasons - market focus, experience with investments in the area of the venture's focus, and the intelligence and savvy of investors. In other words, it is entirely subjective and not particularly meaningful. In a prior post on a related subject, I related that most VCs dramatically underperform the market and are not worth the investment [1]. This would imply that most VCs are not particularly good at determining the quality of their investments. I would argue that "formidable" is meaningless in this context when most VCs do such a poor job of distinguishing "winners" from "losers". [1] http://www.kauffman.org/newsroom/institutional-limited-partners-must-accept-blame-for-poor-long-term-returns-from-venture-capital.aspx http://www.kauffman.org/newsroom/institutional-limited-partn...