The Background Myth in Venture Capital
Teddy Citrin

Teddy, your piece resonates so much with my current thinking. As I’m making my way into the early stage investors scene in the UK, I can see how hundreds of what I call “posers” — incubators, accelerators, VCs, you name it — just assume they have what it takes because they come from big name firms, have fancy titles, have a strong financial contacts network or having spent a few years in a specific industry believe they know where its future lies. As I keep saying every entrepreneur I talk to, money is not the real problem — there is an abundance of money around. The problem is that the people who manage it have no real knack for how to find and fund the right idea and the right individuals/teams. They are also, in the large majority, extremely risk averse and happy to operate inside the “old buddy network” paradigm. On the other hand, curiosity, contrarianism, opinionated conviction are all traits you develop when you are on the fringe of the established status quo, where you scramble a lot and fight for what you believe in. Disrupters are rare in this world, but they do exist. Even in VC. Thank you.

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