Eric says:Let’s distill Joel’s piece down even further to make one single piece of advice for how the VC world should change:
If you would become a lot more patient about liquidity, you could attract much better portfolio companies.
If you are still playing at being a VC in 2003, you have nothing but patience about liquidity. There is no IPO market, the M&A market is moribund, there is hardly a B and C round market. Patience is all there is left! Which means that all you can do is encourage companies to get to break even, and help them to do so. I am not , on the other hand, very patient about getting a revenue stream going and getting to break even, that is the only path to survival now.