James Currier

maybe two. So only two of 10,000 will be successful. Now of those 10,000, did we miss some of the others? Probably. So let's call it, there's a total of 50. We invested in 20, the best 20, but actually the total best was 50. So let's call it four or five successes out of 10,000. That's the numbers. the chances are really, really slim.

maybe two. So only two of 10,000 will be successful. Now of those 10,000, did we miss some of the others? Probably. So let's call it, there's a total of 50. We invested in 20, the best 20, but actually the total best was 50. So let's call it four or five successes out of 10,000. That's the numbers. the chances are really, really slim.

So if you're doing it, it's something you kind of have to be doing. The success of it can't matter into the equation. It's the doing of it that is the reward. The reason the Bay Area keeps winning is because we don't really care about the money. We care about the process.

So if you're doing it, it's something you kind of have to be doing. The success of it can't matter into the equation. It's the doing of it that is the reward. The reason the Bay Area keeps winning is because we don't really care about the money. We care about the process.

The advice I'll give to your listeners is not self-promotional. It's actually what I think would be helpful to them, which is to go to NFX.com and read the content there. It's the second or third most popular VC website in the world after Andreessen Horowitz. And they've just got 600 people and we've only got nine. So we're batting above our weight here. The articles there are really great.

The advice I'll give to your listeners is not self-promotional. It's actually what I think would be helpful to them, which is to go to NFX.com and read the content there. It's the second or third most popular VC website in the world after Andreessen Horowitz. And they've just got 600 people and we've only got nine. So we're batting above our weight here. The articles there are really great.

evergreen, thoughtful. It's like getting a startup entrepreneur business degree. I wish someone had told me about technology windows. So there's an article on the website called technology windows.

evergreen, thoughtful. It's like getting a startup entrepreneur business degree. I wish someone had told me about technology windows. So there's an article on the website called technology windows.

And also you should read venture capital 3.0, which lays out what has happened over the last 50 years with venture capital and like where we are and how the whole ecosystem works with the startup industrial complex and all that stuff. just so that you understand the waters that you're swimming in as an entrepreneur.

And also you should read venture capital 3.0, which lays out what has happened over the last 50 years with venture capital and like where we are and how the whole ecosystem works with the startup industrial complex and all that stuff. just so that you understand the waters that you're swimming in as an entrepreneur.

But the technology windows way of looking at the world is something I wish I had known 20 years ago. And they haven't taught this at HBS or at GSB, and hopefully they'll start soon. I'm trying to teach it on campus, on both those campuses now. But these technology windows open, and like I said, we were 80% lucky and 20% good. It's probably 90% timing and 10% effort.

But the technology windows way of looking at the world is something I wish I had known 20 years ago. And they haven't taught this at HBS or at GSB, and hopefully they'll start soon. I'm trying to teach it on campus, on both those campuses now. But these technology windows open, and like I said, we were 80% lucky and 20% good. It's probably 90% timing and 10% effort.

And everyone says, oh, it's sweat. It's not the idea. I'm like, actually, I disagree. It's actually the idea at the right time is kind of everything. And so what you'll see is people being really great venture capitalists for like a decade, and then they stop being a great venture. How is that? Well, because they were investing in a particular type of company when that technology window was open.

And everyone says, oh, it's sweat. It's not the idea. I'm like, actually, I disagree. It's actually the idea at the right time is kind of everything. And so what you'll see is people being really great venture capitalists for like a decade, and then they stop being a great venture. How is that? Well, because they were investing in a particular type of company when that technology window was open.

And now that it's closed, they don't have a network in the new technology window and they can't get into the best deals. And so it's time for them to retire. So becoming a great venture capitalist, and you were saying I'm a horrible investor. I'm like, no, you're not a horrible investor. You just haven't picked a sector at the right time with the technology window.

And now that it's closed, they don't have a network in the new technology window and they can't get into the best deals. And so it's time for them to retire. So becoming a great venture capitalist, and you were saying I'm a horrible investor. I'm like, no, you're not a horrible investor. You just haven't picked a sector at the right time with the technology window.

But once you start to be able to read these technology windows, you'll be able to place yourself in the flow of energy. And then you'll just get more lucky than not. And if you just stay in the game, you eventually get lucky. And then everyone says, wow, you're a genius. You're so smart. You're so talented.

But once you start to be able to read these technology windows, you'll be able to place yourself in the flow of energy. And then you'll just get more lucky than not. And if you just stay in the game, you eventually get lucky. And then everyone says, wow, you're a genius. You're so smart. You're so talented.

And as the great Sarger from CRV said, he said, the most important decision I ever made was just living in the Bay Area. Like everything else. He said, because when I came to the Bay Area in 2003, like all the energy was moving here. I was just like floating on it. Moving with it. And then he led the seed round in DoorDash and you know, billions of returns and how he's running the firm.

And as the great Sarger from CRV said, he said, the most important decision I ever made was just living in the Bay Area. Like everything else. He said, because when I came to the Bay Area in 2003, like all the energy was moving here. I was just like floating on it. Moving with it. And then he led the seed round in DoorDash and you know, billions of returns and how he's running the firm.