Not All VCs Need Operational Experience. But They All Need Operational Empathy.

Most VCs have never worked at a startup. In the UK just 8% of venture investors have startup operational experience, according to data from a 2019 Diversity VC report. In the USA the fraction is higher, ranging from 20% to 30% across a random sample of funds. (It’s double that rate at top-tier firms.)

(Data from Techcrunch, 2015)
(Data from Gompers and Mukharlyamov 2022)
(Data from Gompers and Mukharlyamov, 2022)



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