Morgan: Relying on secondaries will reduce overall VC industry returns
Howard Morgan · Howard Morgan on AI, Global Venture Investing & Founder Insights | NVCA Award Recipient Series · Sep 2, 2025 · at 32:38
Howard Morgan (Chairman at B Capital) discusses the trade-offs of using secondary liquidity markets early in a startup's life cycle.
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“It's going to cut off the long tail. And if you look at the Ubers and the Roblox's and so on, it's that long tail where you make the giant returns. And so if you keep squashing it down, then the overall industry returns are going to, are, there's no question they're going down.”
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