We’re Down with OVP
Mad props to OVP, the Seattle-based VC firm that recently added a “deals missed” page to its site. As the name suggests, this is a rare instance of a VC firm coming down from on high and exposing its flaws. VCs act on hunches – and those hunches are often dead wrong.
Here’s a gem: “A guy walks into your office in the late 1980’s and says he wants to open a chain of retail shops selling a commodity product you can get anywhere for 25 cents, but he will charge 2 dollars. Of course, you listen politely, and then fall off your chair laughing when he leaves. Howard Shultz didn’t see this as humorous. And we didn’t make 500 times our money.”
Read: The Insider: Venture capital firm lists lost deals – [Seattle P-I]