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The Role of Venture Capital in Silicon Valley Innovation
The majority of returns in the Silicon Valley innovation industry have accrued to two firms or investors and two firms, A16, A16Z, Andreson Horovitz, and Sequoia. If you're an entrepreneur seeking funding with a new idea, if you can get in with one of those firms, it makes an enormous amount of sense. But if you're a guy or even a well-funded firm that wants to set up on the edges of that system, you may not do nearly as well because you have to be at the center.