Proven processes.

Every startup is different, themes change in technology every 2–3 years, platforms change every 5–10 years.

Valuations go up and down, fundraising gets harder and easier.

There are so many macro and micro-variables, and so many start-ups, you can kind of justify almost any investment.

The best VCs have a set of proven processes. Even if they are qualitative in some cases, quantitative in others.

There’s a reason Benchmark has Uber, Snap, WeWork, and so many other winners all in the same fund.

There’s a reason Sequoia has outperformed for so long.

There’s a reason YC has turned out Airbnb, Stripe, DropBox, and so many other winners. Almost like clockwork.

It’s not just brand, folks. It ain’t just IQ. Those do matter. But.

It’s proven processes. They stick to them, invest in them, have fierce quality lines, and take measured and aggressive risks against them.

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