Be our Copernicus, Dave
An open letter to Dave Hornik about VC tribalism
I recently had this interaction with Dave Hornik regarding his blog post urging entrepreneurs to get a direct introduction to him through his trusted network.
Rather than getting into it 140 characters at a time I’m writing this note to him in public (because he is hardly alone in his views on introductions among VCs).
Let me first say that I like you, Dave. You probably don’t remember me, but we have met a few times (a couple of group dinners in Berkeley and an interview in your office in 2006), and I worked in one of your portfolio companies for a little while in 2007. I have always considered you to be one of the good ones. Your blog paved the way for a whole generation of transparency in an industry previously known for its abstruseness. Dave, you’re on my very short list of VCs I’d want to work with if I were doing a venture that was appropriate for your fund. So I write this because I think you have the power and character to do another Good Thing for the startup world.
I’m also in the fortunate position of being able to get an introduction to you. I mention this only to dispel the notion that I write this because I can’t have what you’re suggesting. I also mention this because I understand how little “resourcefulness” I would need to get a meeting with you — it’s much more a factor of the worlds you and I move in. I know lots of people who have done startups. I know lots of people who have gotten investment from VCs. I have spent years cultivating various friendships and business relationships that put me a degree away from you, Dave, through several people you know (one data point: we have 48 common connections on LinkedIn).
But…
But, Dave, this is exactly the problem. What you see as “resourceful” is really just common tribal affiliation. And when you see getting a warm intro as the gating factor for access to you, you put yourself at the center of the universe of people you might want to invest in. More importantly, if you think about how common your network is to every other local VC, you are all fishing from the same tiny pond. And what’s worse, the ideas in that little pond are much more prone to echo chamber effects that don’t breed breakthrough innovations. Do you really intend to create such a narrow, incestuous pipeline to choose from?
Then there’s the issue of access. Lots has been written in recent years about the club of rich, white men who dominate the startup world. Dave, don’t be part of the problem on that front. Instead, take yourself out of the center of the universe and realize that the vast majority of aspiring entrepreneurs aren’t friends with your friends. They don’t necessarily live in those social circles or enjoy the same ways to spend their weekends. They didn’t necessarily go to the same schools or work in the same companies as your friends. Put another way, the set of people who have direct access to someone you trust is a relatively homogenous group and represents a tiny slice of the world of ambitious, bright entrepreneurs. And I’ll go ahead and say it: the people with direct access to your friends disproportionately skew male, white, and wealthy.
Recognizing that you only invested in people that your friends recommended to you is an opportunity. You can stay at the center of that bubble, continuing to be satisfied that anyone who doesn’t have the trust of people you already trust isn’t worth your time, or you can realize this means you’ve been missing the vast pool of people outside that bubble and open yourself to new avenues for deal flow. Avenues that few of your colleagues/competitors are pursuing. Avenues that offer different perspectives on market opportunities and innovation methods. Avenues where your broad experience, kindness, and wisdom would be welcomed and well-leveraged.
So be our Copernicus, Dave. Take yourself out from the center of the model and make a new model that fully takes advantage of the universe of entrepreneurs. Find ways to connect to entrepreneurs that don’t know your friends yet. Challenge the assumption that there is a strong correlation between success potential and cloistered tribal affiliation.
