Venture is cyclical—and so the headlines read, “Venture Capital Is Dead” every seven to 10 years. This time, it just took 15.
I kicked off my career precisely as we hit the last downturn. We closed a $400 million fund the week Lehman crashed during the global financial crisis. That fund turned out to be a monster success with portfolio companies including Doximity (DOCS), Lending Club (LC), and Check (acquired by Intuit). At that time, it was the iPhone, and the demise of the walled garden, as a powerful accelerant, creating opportunities for new companies and incumbents. Now it’s generative AI.
