![]() ![]() I've written before about how, relative to asset classes like debt that have been around for thousands of years, 78 just isn't very old. But as we approach the end of venture's first century, its important to put that in "asset class years", akin to dog years. So we're coming up on venture capital's 78th birthday. ![]() Arguably, the first modern venture firms were American Research and Development Corporation. Venture capital is approaching its dotage. When it comes to venture capital, the complexity is far more nuanced. So the marketing sticks to the narrative of humble beginnings, and only goes as far as "we're just getting started." The only incentive is to make the story attractive. There's no incentive for complex organizations to make themselves easier to understand. What's interesting about large, complex organizations is that their marketing rarely even attempts to reflect the size and complexity of the thing. There's no one single person who comprehends every aspect of a business the size and scale of Amazon, or Microsoft. The larger something gets, the harder it is to comprehend. It’s much harder to comprehend a $2.9 TRILLION company with $30 billion of cash, 2 billion active devices and 161K employees. It's easier to envision Steve Jobs and Steve Wozniak in a garage with a soldering iron and some microchips. ![]() I think its because they're easier to understand. ![]()
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