The next big thing?
We passed.
We back founders who have already proved everything.
Provided they don’t ask us to understand anything new.
The world moves on.
Our criteria stay
in 1999.
We rigorously apply the finest rules of American venture capital. The ones we learned during the dotcom bubble. We have seen no reason to update them.
A huge market. A complete team. A five-year business plan. Above all, something we have already seen work.
Discover our methodologyThe discipline
to say no.
Our competitive advantage?
Immediately recognizing what we don’t understand.
AltaVista already exists.
PASS 02Amazon
Books. On the Internet.
PASS 03Uber
It’s just an app.
PASS 04One million users. Zero customers.
PASS 05MrCall
The voice isn’t perfectly human.
PASSFictional meetings. Real objections. The story behind the non-portfolio ↗
Less risk.
Less future.
ONE TO TEN.
MEETINGS.
Founders build.
We circle back.
Twenty hours of meetings to establish whether someone who found a hundred customers can also present a slide.
Read our analysis