Fintech Leaders 50 Years Of VC: Lessons From Howard Morgan and Alan Patricof
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Sep 16, 2025 
In this engaging discussion, veteran investor Alan Patricof reflects on his extensive career in venture capital, co-founding firms like Apax Partners and Greycroft. He shares fascinating insights into the evolution of the industry, from a mere 50 deals a year to today's expansive market. Alongside Howard Morgan, they emphasize the importance of mentorship over monetary gains and offer predictions on the transformational impact of AI and robotics on the future. Their experiences highlight the value of learning from strong mentors while navigating the ever-changing landscape of venture capital.
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From Scrapyard To Global Company
- In 1970 Alan Patricof started seeing only ~50 deals a year and had to dig to find investments.
- Their first investment was $250k in a scrapyard lead-smelting business that became a multi-billion company.
Deal Flow Exploded With Global Entrepreneurship
- Entrepreneurship scaled massively from hundreds to thousands of deals as global startup culture grew.
- Howard says B Capital now sees ~10,000 deals a year because entrepreneurship is globally valued.
VCs Are Risk Removers Not Gamblers
- Venture capitalists mostly decline deals to remove risk rather than to chase risk.
- Howard estimates they now invest in far fewer than one in a hundred deals they see.