Congratulations on your success, Pejman. However, when you start reciting Silicon Valley VC homilies regarding “successful” entrepreneurs, those who get funded — 70% of whom, statistics reveal, will fail— you need to step back to consider what made, and more importantly, what keeps YOU and your investment firm unique, better than the others.

I remember a CALPERS report (now a decade old, before today’s wild speculation in social-media startups and “VR” (on its second or is it, third go-round?). It reported that the majority of VCs (when analyzed over the prior decade) had lost money for their investors — large institutions, including CALPERS — but had made a bundle on management fees charged to the same investors. This obviously caused problems for the VCs at the time. Those with good connections to the institutions, that had amassed financial and political capital, got by; but many others starved for lack of investment. I suspect the numbers now are even worse given that investors (per firm) have fewer alternatives for their risk capital.

I’m guessing, based on your personal history, that your firm does things differently. But I didn’t learn what that might be from the homilies with which you conclude, the same “Hail fellow, well met!” truisms I heard as a startup CEO five, ten, and twenty years ago. Here’s a homily I live by: “Choose your competitors carefully, for you shall come to resemble them.” I’m sure you bring more to the table. Such as…? Looking forward to your next article.