Thanks Joyce for an interesting article. It could have been better if you’d employed less jargon (though thanks for the links to explain it, on the many occasions necessary); even though I’ve been involved with VCs one way or another for 20+ years I still find jargon unnecessarily obfuscating.

One other point: have you found European VCs to be slower-moving, less risk-positive, and in general more conservative in outlook than US VCs? I’ve very limited experience with VCs in Europe, and that is likely out of date now, but a few years back European VCs were always fantasizing about being early or seed stage players while resolutely investing only in companies that were already generating significant revenues.