Longing For Arthur Rock
Dana Blankenhorn at Moving Picture is longing for the old time VCs like Arthur Rock to come back and start backing great long term ideas again.
It's a good criticism of the venture capital business. But its not really a lack of investment capital that's the problem. The $18bn that we invested in 2003 will probably mark the low point in the VC investment cycle. There are so many signs that the business is heating up again that I can't imagine we are going any lower.
The criticism that Dana makes that really hits home with me is the lack of patience with the great investments and the lack of courage to write off the losers and free up time and money to find interesting new things.