A16Z radi VC industriji ono što rade najuspešniji startapi — menjaju pravila igre i pobeđuju sve druge

A16Z radi VC industriji ono što rade najuspešniji startapi — menjaju pravila igre i pobeđuju sve druge

https://www.drorpoleg.com/pulling-a-bezos/ link-img
avatar Vukašin

Dao sam si malo slobode za naslov, citati iz članka, koji preporučujem pročitati u potpunosti, kratak s' obzirom na lucidnost:

Investors thought they were strategic, but this was only true to a minimal extent. As Michael Porter points out in the book about strategy, acting strategically means "doing different things" rather than "doing the same things better."
...
Venture capital investors are big fans of the word "strategy," but they hardly give it much thought in their own business. Historically, venture capital firms competed by outdoing their peers in the same activities; they tried to answer emails faster, be nicer to founders, have a broader network, offer better terms, recruit smarter and better-known partners. Firms differentiated themselves by focusing on different funding stages, sectors, or geographies. But ultimately, their business was quite similar to that of their competitors. Firms that did well had more money to spend on doing the same type of activities even better.

This world no longer exists.
...

A16Z is doing the same thing to the venture capital industry. It is not just acting strategically in order to gain an advantage. It is imposing a whole new cost structure on its competitors. As a result, a handful of other firms will try to catch up and become equally giant; a variety of "boutique" angel investors and syndicates will live off relatively small (and absolutely large) crumbs, and many of the big-but-not-big-enough funds that currently exist will disappear or gradually become irrelevant.

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DISKUSIJA

avatar Pedja

Andreessen Horowitz pratim dosta dugo. Oni su definitivno doneli revoluciju na VC tržište pre desetak godina sa platform modelom gde sa timom specijalista vrlo aktivno pomažu portfolio kompanijama u vezi prodaje, marketinga, produkta, konekcija itd. Njihovo "anti Benchmark VC" pozicioniranje - gde se trude da budu founder friendly je definitivno napravilo dodatnu razliku. U medjuvremenu su napravili $2.2bn crypto fond, biotech fond i pored toga vrlo aktivno rade na contentu i marketingu. Definitivno su postali tier 1 mega fond - zajedno sa Sequoiom, Benchmarkom, Founders Fund - i ti fondovi imaju access ka svemu što se dešava (najbolji pipeline) i sa te strane veće su šanse da nastave sa snažnim alpha returns u odnosu na tier 2 fondove.

Medjutim i ovaj segment je napadnut od strane novih igrača - pogotovo od hedge fondova koji sve više idu ka early stage investing i prave investicione odluke izuzetno brzo - kao npr Tiger Global (https://www.ft.com/content/54bb342c-230f-4438-a4d7-7cbde010ea1a). 

Slažem se sa Vukašinom da će biti jos inovacija u segmentu, ali i da će tier 1 igrači + specijalisti i emerging managers sa dobrom nišom (ie sektor, geografija) i edge-om u smislu servisa koje daju startapima (ie konekcije, sales, marketing etc) biti dobitnici dok će se razlika izmedju prinosa top 25% fondova i svih ostalih još više uvećati (iako je već sada drastična i veliki deo fondova ne uspeva da vrati investitorima ni osnovni deo sredstava).

U svakom slučaju - dosta je (možda i previše) novca na tržištu, pitanje je da li postoji toliko deal-ova globalno - tako da je konkurencija nikad jača, i dobro je da VC fondovi moraju malo više da se pomuče :)

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