Thesis Driven Investing

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Thesis Driven Investing

Bill Burnham has written one of the most important pieces on venture capital investing that I have seen in a long time.

It's about the rise of "thesis driven investing" and he decline of "deal flow investing".

I cannot emphasize how right Bill is with this post.

Before Brad (also Burnham but not related) and I raised Union Square Ventures 2004, we spent almost nine months developing an investment thesis for the fund.

We have stuck to that thesis and it has proven to be incredibly valuable. We know exactly what we are looking for, we go out and find companies that fit our thesis, and we help the entrepreneurs understand how to use our thesis to impact their strategies.

This post from Bill illustrates exactly why blogging is so powerful. I read all the trade publications on venture capital. But none of them has captured this developing trend in the venture business. You have to be in the business to understand what's happening.

Thanks Bill. Great post!

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Tracked on Jun 8, 2005 10:33:03 AM

Posted June 3, 2005 in Venture Capital and Technology

Comments

Maybe I'm missing it, is it linked here?

Posted by: bskeels | Jun 3, 2005 8:05:35 PM

fixed it bskeels

thanks

Posted by: fred | Jun 3, 2005 8:25:24 PM

I'm not so sure its so revolutionary, maybe a subtle change in effort?

A lot of VC funds have "thesis", "industries", or "trends" that they believe in. As such they actively look companies fitting that profile. Sometime they might even get their EIR to start a company with that thesis in mind. Isnt this how we over invested in the nano industry in the first place? Too many firm believed in the "nano thesis."

Other examples include draper which loves consumer based companies with a viral angle (hotmail->skype) or how benchmark is constantly looking for the next platform play ala ebay (zopa). A year ago Kleiner was running around trying to scare up a few "personalized medicine" plays.

Posted by: will | Jun 4, 2005 1:14:12 AM

Good post...interestingly, the investment thesis approach is one intel capital has consistently and successfully used for years...not to say the 'deal flow model' is dead - there's probably a combo of both models that folks will exploit to great success...nonetheless, good to see that VCs are beginning to recognize the merits of the thesis approach without summarily dismissing it as theory-based investing...as pointed out earlier, one can argue that the EIR investing approach is theory-based, to a certain degree.

Posted by: ECHO | Jun 4, 2005 8:43:26 PM

So, any pointers on what your investment thesis might be?

Posted by: Max | Jun 5, 2005 9:26:25 AM

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