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Venture Capitalists Get Paid Well to Lose Money

Harvard Business Review

There are, of course, individual firms that succeed in generating venture rates of return. But they are too small in size and too few in number to make up for the vast majority of funds that fail to generate attractive returns (or any returns) for investors. The VC industry has failed to innovate.

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The Disruption of Venture Capital

Harvard Business Review

An organization's capabilities become its disabilities when disruption is afoot." – Clayton Christensen, The Innovator's Solution. In November 2005, Paul Graham wrote an essay titled " The Venture Capital Squeeze." Over the years, venture capitalists have been some of the most ardent students of disruptive innovation.