The Power Law
by Sebastian Mallaby
The definitive history of venture capital from Arthur Rock to Sequoia, Benchmark, a16z and Tiger, organized around the power-law math that governs returns. Rigorous, fair and essential for understanding how startups are funded.
Read it if…
you raise or deploy venture capital and want to understand the industry's logic.
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Skip it if…
you want a how-to; see Venture Deals.
Try instead: Venture Deals →
Three things you will actually use
- Returns follow a power law; think accordingly.
- Governance and coaching are the VC's real product.
- Capital shapes the companies it funds.
Do this first
Read the chapters on Sequoia's and Benchmark's approaches.
Our verdict
Venture capital, definitively.
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