A venture capitalist I met recently is, I think, the slowest VC in the world. He/she/it is decent, nice, and well-intentioned, but, by their own sort-of confession, absurdly slow at picking up shifts in the investing landscape.
For example, they only caught onto the consumer wave two years ago — This Facebook thing is going to be huge! Conversations about all sorts of technology commonplace, from flash sales, to tablets, to Twitter, mostly come as revelations, which makes for highly amusing discussion, the sorts of thing you generally only hear in La Jolla Starbucks lines.
It’s not that they’re so slow that they don’t make money. That’s naturally self-limiting. It’s just that they seem to only show up when the risk is coming off, and it’s fairly obvious that the change is already here.
Anyway, the slowest VC in the world announced to me recently that he/she/it is over the consumer thing (that they only recently discovered). They pointed to all the incubators everywhere all doing consumer stuff, all the Facebook of XYZ clones, and said, in that inimitable I-bet-I’m-first-to-think-of-this way of theirs, “I’m done with consumer investing”. They expanded, “It’s now all enterprise. We’re only interested in deals that take consumer & social technologies into business”.
There you have it then. The slowest VC in the world has figured out something that has only been obvious for years. Let the enterprise social over-fundings begin.