The Ledger
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Harrison: Andreessen Horowitz's executive Slack channels fail as genuine communities
“Some examples of this, even like Andreessen has some of these where they have like, you know, Slack channels where they'll take the CROs of all their companies and dump them into Slack channel. It's not a good community. It's an attempt at trying to like coale…”
Harrison: Venture capitalists are avoiding self-criticism following the market crash
“I thought that it would be more humbling for more people I think that there's been this sort of, like, suspension of criticism. Like, people are desperately trying to avoid having to come to grips with what they did, basically, like, with what a lot of people …”
Harrison: Over 80% of venture capital funds are substandard
“Probably 80% plus of venture funds are not great.”
Harrison: Venture fund economic models will crumble under market pressures
“Like there are economic models that are going to crumble under the pressure of the market that we're going into now.”
Harrison: The failure rate of venture capital funds will accelerate
“So maybe it took multiple decades for a firm to die in the sixties and seventies and whatever eighties, maybe it took it, maybe it's taking a decade, you know, nowadays or last few years, I think that that pace is going to increase. Like information gets disse…”
Harrison: Andreessen Horowitz actively recruits individuals with large Twitter followings
“I think it's one of the reasons why you know, anybody with a Reasonably sized Twitter following probably gets a at least job interest, if not a job offer from Andreessen, right? Like they recognize that sort of micro celebrity appeal of being able to hire anyb…”
Harrison: Andreessen Horowitz most closely resembles Blackstone in venture capital
“And I think that the firm that closely, most closely resembles that in venture is Andreessen. You know, the way that they have approached things like you know, gaming and crypto and biotech and so like that, but that's sort of them saying, hey, we have this fu…”
Harrison: Abstracting venture capital into pure portfolio construction causes startup breaking points
“At some point, if that abstraction gets so far removed from this sort of fundamental company building aspect, I think that you start to get into some dangerous territory. Cause I mean, when those companies fail, when they get tons of capital and all this thing…”
Harrison: Excess capital will remain in venture capital despite market correction
“I don't think that people are just going to say, oh, nevermind. Venture is actually not that great of an asset class, you know, back to bonds and real estate. Like, I think that people recognize that there are still large outcomes to be had here. And so there'…”
Harrison: Outlier startups grow via steady 30-40% compounding, not perpetual hypergrowth
“When you look at those companies that have sort of defied gravity, they almost never do it in these explosive nonlinear paths. They're just compounders. Like very quickly, they get to that sort of, you know, maybe 30, 40% growth, and then they just crush it fo…”
Harrison: A great founder cannot overcome a bad market
“If a good manager meets a bad business, it's the reputation of the business that remains intact. I think the same way about a market. If a really good founder goes and tackles a really crappy market, that market's still going to be crappy.”
Harrison: No venture firm maintains ongoing relevance with founders
“Candidly, I don't know that anybody is doing that well.”
Harrison: Venture capital scout networks will see progressive dilution in quality
“I think that you're going to see a lot of dilution in the value and quality of those scout networks progressively over time.”
Harrison: Venture capital firms' primary competitive moat is brand
“As VCs, we invest in these firms that have durable competitive modes when venture firms have, it's largely brand, right? It's largely that, that Competitive advantage that comes from a brand.”
Harrison: VC branding power has shifted to individual investors
“I think that the center of gravity has shifted to your point, largely to the individual investors. And I think there's very few firms that have kept up with that shift in the center of gravity.”