This Week in Startups E38: “Angel” Podcast: David Cowan, Partner at Bessemer Venture Partners shares insights on owning up to his anti-portfolio, understanding sunk cost, top traits for becoming a VC & best Founders & CEOs he’s ever worked with
Mar 18, 2020
David Cowan, a seasoned Partner at Bessemer Venture Partners, discusses his venture capital journey since 1992 and the evolving landscape of the industry. He shares insights on the importance of adapting to change, the concept of 'sunk cost', and the value of a strong sales culture. David opens up about his anti-portfolio, revealing anecdotes about missed opportunities with Facebook and Tesla. He also explores the future of investing in quantum computing and robotics, emphasizing the significance of investing in impactful technologies.
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Unconventional Job Hunt
- David Cowan's venture capital journey began unconventionally in 1992.
- He drove to Sand Hill Road, walked into offices, and asked about job openings.
Evolution of VC Hiring
- Early VCs often came from finance or traditional industries.
- Now, intellectual honesty and adaptability are prioritized when hiring VCs, emphasizing learning from mistakes and venturing beyond comfort zones.
Sunk Cost Fallacy
- Cowan illustrates sunk cost with a Disneyland anecdote.
- His son used the singles line on Splash Mountain repeatedly while others waited in the long regular line.