The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: 27 Years of Investing Lessons on Picking Founders, Price Discipline, Reserves and Selling Positions | Can Seed Investors Compete with Multi-Stage Venture Firms | Why Returns Will Not Worsen Moving Forward with Peter Wagner, Founder @ Wing
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Mar 6, 2024 
Peter Wagner, Founding Partner of Wing and former Managing Partner at Accel, shares invaluable insights from his extensive venture capital career. He emphasizes the importance of engaging with exceptional founders and discusses the current venture landscape's challenges. Wagner addresses misconceptions about venture returns and the coexistence of seed and multi-stage firms. He reflects on his biggest investing lessons, skepticism towards capital-intensive businesses, and the evolving dynamics of early-stage investing, providing a well-rounded view of the changing industry.
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Accidental VC
- Peter Wagner accidentally became a VC while looking for startup jobs.
- He joined Accel in 1996, taking a pay cut, initially viewing it as a temporary position.
Double-Edged Sword of Early Success
- Early career hits build credibility and reputation, attracting founders.
- However, they can also mask important lessons learned during downturns.
Herd Mentality in Venture
- Venture capitalists often follow the herd, believing they won't be punished for common mistakes.
- However, true danger lies in unusual mistakes, as capital must go somewhere.