For a profession full of business strategy experts, it’s impressive how rarely and narrowly the venture capital industry is subjected to conventional competitive analysis. Ask yourself: who are the VC’s customers? Limited partners (LPs) are probably the technically correct answer, but startups would certainly be the more fashionable one. It’s a reasonable debate. Either way, one’s the supplier and one’s the customer. Hell, maybe they’re both customers and VC’s are some kind of glorified broker. But the fact that there isn’t a popular consensus illustrates how impotent we’ve been at examining the industry.
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