I’d say almost.

Most VCs aren’t lazy by general standards, vs. the average white collar manager. But most of them don’t work nearly as hard as the best founders. Not even close. And their lives are far less stressful.

VCs also don’t really want to innovate for the most part, because the upside is limited. Their customers, the LPs, want to continue to invest in a certain product. Push the boundaries too far, and you’ll scale off most LPs. LPs are used to a certain product, with a defined set of unit economics, fund structure, partner ratios, and the like.


Dave McClure works 2x as hard as the average VC in terms of time, and maybe 5x in terms of sheet effort, chutzpah, travel and hustle. He also invests in far, far more deals. And importantly — he also has broken the mold. So compared to the peer set, he has a point. And because of that, he has challenged a lot of LP notions around concentration, partner structure, economics, etc. And that probably hasn’t made it any easier for him to raise institutional capital for his (successful) funds.

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