Venture Unlocked: The playbook for venture capital managers cover image

Tomasz Tunguz of Theory Ventures on strategically raising a fund in a downturn, Why Firms Need a Business Model, and different views on portfolio construction

Venture Unlocked: The playbook for venture capital managers

CHAPTER

The Importance of a Business Model in Venture Capital

A venture firm needs to model what the failure rate is, and what the multiples will be on the exits. "We've had a 12-year bull market but now I think it matters," says John MacIntosh of Sequoia Capital. He adds that he wants at least 80% of investments within his fund to come from business models rather than ideas.

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