Why did you become a VC?

echojason@gmail.com'

JASON LEMKIN

To:

  • have fun (in a business context);
  • from a model perspective, try to do what I did as a founder, just better next time, with better founders than me;
  • go on some terrific journeys, without having to do all the work myself this time;
  • have some chance of making real money if I totally killed it;
  • and to do it “better”, with less ego, less drama, no control, no Sony Baloney.  To do it the right way, with a smidge less greed, a lot less high-and-mighty, and a bit more zen.

Those are decent reasons to be a VC, but you need to understand it’s a 16-17 year commitment (10-year fund life x 3 funds, staggered 3 years apart).

24 months in, I think I’ve had pretty epic results.  I believe my first cohort of investments will do at least 10x, which isn’t as hard as an angel, but is darn hard as a VC, because you have to invest a lot more, and follow-on at higher prices.

But …

It’s a lot more than this.  It’s #1 a money management job.  And 17 years is a pretty serious commitment.

Sourcing, leading, and closing A+ investments is just 1/3d or so of it, it turns out.

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Published on October 5, 2015
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