What does it feel like to turn down a start-up investment that turned out to be a success?

I think much worse than getting turned down yourself.

If you are an early-stage investor, you are going to not end up doing a lot of good ones.  You just are.

The tougher ones are the ones you know are great, that you want to do — but you lose the deal after you offer to invest, provide a term sheet, etc.

Those seem to be the ones that stick with most VCs.

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