“VC’s worked themselves out of a job”
Interesting interview with Mark Heesen, the head of the NVCA (National Venture Capital Association) at PandoDaily. He says VC’s have worked so hard to drive down the cost of starting an internet company – and have been so successful at it, that they’ve made themselves superfluous. As he puts it: “we worked ourselves out of a job”.
[Read more: PandoDaily, spotted by @robinwauters][photo: Paul Graham talks to Marc Andreessen, by Robert Scoble, Flickr]
The other big change in the last ten years is that in IT, entrepreneurs don’t need venture capital to create a company. Life sciences is different, financial services is different, but for the major area of our investment, we have worked ourselves out of a job.
Our investments have brought the prices to start a company so low, it can be created and acquired without venture capital intervention. It’s increasingly difficult to invest in that space.
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