we studied the venture capital industry and we came across a potential problem with our approach. Historically, all the returns in venture capital ha… - Ben Horowitz

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we studied the venture capital industry and we came across a potential problem with our approach. Historically, all the returns in venture capital had been concentrated in a tiny number of firms and consistently by a small number of the same firms. Of the more than eight hundred venture capital firms of the day, only about six had delivered great returns for their investors. As we dug deeper, we uncovered an excellent reason for this: The best entrepreneurs will only work with the best venture capital firms.