Being a venture capitalist used to mean knowing something about starting companies or being an operating executive. These days it means coming out of Stanford and signing up as an Associate until the time comes when you can make Partner. Yes, there are some VCs who actually know stuff, but in my experience (27 years around the Valley, 5 venture-backed startups) most end up just following the herd and investing in whatever’s supposed to be “hot” that morning. When I began my journey as an entrepreneur I thought one day it would be great to become a VC; now the thought horrifies me.

Anyone who enjoys my articles here on Medium may be interested in my books Why Democracy Failed and The Praying Ape, both available from Amazon.