…our psychology) you no doubt have heard me say that raising capital is a sales & marketing process. You company is the product and you’re selling an equity ownership in your company but much more broadly you’re selling trust & confidence that you’re going to build something enormously valuable and that you’re going to be enjoyable to work hand-in-hand with over the coming decade of each other’s lives.
We operate a policy of “no retribution” and “no reciprocity.” This is critical to build a cohesive venture capital firm. If you have retribution (you argued against my last deal so I’ll argue against yours) you have animosity. Anybody who knows VC knows that this retribution-type behavior exits and is corrosive. Reciprocity is equally destructive. It says that “you approved my last deal so I feel bad and will approve yours even though I don’t love it.” This produces shit deals getting done.