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November 20, 2006
The Children's Venture Capital Crusade
I've been meaning to write about for some time, and now Joshua Jaffe has beaten me to it. One of the more entertaining aspects of the current venture capital ardor for All Things Consumer-centric is that they have no flipping idea what normal people want -- especially normal people under the age of 35.The result: More and more partner discussions include mentions of what partners' kids thought of the idea, or what the receptionist thought, and so on. It's fascinating, and has gone from being something done stealthily ("Oooooh, I asked a few people") to something about which partners are increasingly upfront ("As always, I asked my spouse and kids").
While it is better than asking no-one, I'm sure it comes as an eye-opener to LPs. This is why we pay you people 2% of assets?
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