I just finished reading The Power Law: Venture Capital and the Making of the New Future. I’d pieced together the history of venture capital, but this was a fascinating chronological account of the industry with lots of details. A few takeaways:

• Family office origins – 1946 was the year venture capital investing was begun by wealthy families. The Rockefeller and Whitney families started to experiment with investing in risky early-stage businesses. It took time for others to embrace this model and put the right structure behind it.
• Angel investing – Google raised $1 million from individuals in 1998, which was unheard of at the time. This contributed to the rise of angel investing.  
• Sequoia – Founded in 1972 by Don Valentine, this firm has been at the top of its game for many decades. It has continued to evolve and expand the ways it invests by being curious and intentional. There’s an entire chapter dedicated to Sequoia because of the impact it’s had on the industry.
• China – The evolution of China’s venture capital industry is well chronicled. China’s tech industry was heavily influenced by American venture capitalists who found work-arounds to invest in promising companies.
• Ownership – In the early days of venture capital, investors would routinely own a significant percentage of companies in early founding rounds. A six- or low seven-figure investment for 40% of the company was not outside the norm. Over the years, these figures have come down as more capital has flooded the industry.
• Larger funds – Funds have exploded in size. The book details the impact of this fact on the industry and on founders.
• Networks – The industry was (as still is) highly dependent on who you know, for better or worse.
• Disruption – Even though it invests in disruptive companies, venture capital didn’t evolve until it was forced to because of disruption. Love them or hate them, investors such as Yuri Milner (DST Global), Chase Coleman (Tiger Global), and Masayoshi Son (Softbank Vision Fund) forced the industry to change. It’s likely time for more disruption in the industry.

This book is full of details and information about the industry and the most prolific investments over the last few decades. This book filled a lot of gaps for me, and I highly recommend it to anyone curious about the industry and how it evolved to what we see today.

Today marks the end of my one-hundred-twenty-fifth week of working from home (mostly). Here are my takeaways from week one hundred twenty-five:

• Culture – I spent time immersed in a different culture this week. It was interesting to see the differences in relation to entrepreneurship. Value creation means different things in different cultures.
• Network effects – I’ve been thinking about how high-quality networks have an outsize impact on early-stage entrepreneurship. Ideas and information flowing freely to early founders can be game changing. I’m wondering how to improve the network in Atlanta.
• Research – I spent time this week reading academic research and trying to track down the authors. I’ll spend more time hustling in that effort.

Week one hundred twenty-five was busy. Looking forward to next week.

Today marks the end of my one-hundred-twenty-fourth week of working from home (mostly). Here are my takeaways from week one hundred twenty-four:

• VC research – I’ve been researching the origins and history of the venture capital industry. Success in venture capital can be random, but sustaining it for a long time requires intentionality.
• Frustration – I ran up against some hurdles that set me back this week. I was reminded to push through the frustration and not dwell on the situation.
• Good people – I spent more time this week with good people I’ve known for a long time. It was energizing and refreshing.

Week one hundred twenty-four was trying. Looking forward to next week.

Today marks the end of my one-hundred-twenty-third week of working from home (mostly). Here are my takeaways from week one hundred twenty-three:

• Tough decisions – This week was a reminder that tough decisions require a balance of IQ and EQ.
• Good people – I spent time connecting with other investors at an event this week. Good high-quality people in a fun environment. This was another reminder that good people know other good people.
• Shower thoughts – I’m thinking more about a particular problem—even in the shower. The last time I thought about a problem this much, I started a company to solve it.‍
• Downtime – I have some downtime coming up. Looking forward to spending time with friends and family.

Week one hundred twenty-three was a busy week. Looking forward to next week.

Today marks the end of my one-hundred-twenty-second week of working from home (mostly). Here are my takeaways from week one hundred twenty-two:

• July – Today is the last business day of the month. July flew by, and the end of summer is fast approaching. I want to make the most of these last few summer weeks.
• Good people – This week was a reminder that the world is super small and good people know other good people. I connected with someone in another country, and it turned out that we have many unexpected mutual acquaintances. Those people helped me quickly understand that my new connection is a quality person.
• Hustle time – I had conversations with a few friends working on new ideas that they’re hustling to get off the ground. Being around other people also in hustle mode energized me.

Week one hundred twenty-two was calm. Looking forward to next week.

Today marks the end of my one-hundred-twenty-first week of working from home (mostly). Here are my takeaways from week one hundred twenty-one:

• Proven wrong – I had a hypothesis that I hoped would be proven true. Today I connected with someone credible in the space. During that conversation I realized my hypothesis is wrong. I’m both disappointed and glad I realized this sooner rather than later. Back to the drawing board.
• Unexpected doors – This week was a reminder that you never know who could open a door for you and that there’s more to gain from sharing than from not sharing.
• Outsiders – I spent time thinking about and talking to others about founders and markets situated outside the traditional purview of VC. The more I dig into this concept, the more intrigued I am.

Week one hundred twenty-one was a good week. Looking forward to next week.

Today marks the end of my one-hundred-twentieth week of working from home (mostly). Here are my takeaways from week one hundred twenty:

• Success – A friend shared an interesting perspective with me. Wildly succeeding in one part of life and failing miserably in others averages out to a failure in his book. The people who succeed in multiple areas of life are who he looks up to.
• Progress – I haven’t had the bandwidth to work on a personal project for a while, but I made significant progress this week. Felt good to start moving it forward and socializing it with friends.

Week one hundred twenty was a slower-paced one. Looking forward to next week.

Today marks the end of my one-hundred-nineteenth week of working from home (mostly). Here are my takeaways from week one hundred nineteen:

• Vacation – This week felt like it was moving slowly. Lots of people were out on vacation or trying to get back into the swing of things.
• Half-day session – I spent half a day hunkered down in a conference room working on a project with someone. We got more done in that one day than we would have in two or three weeks’ worth of meetings. This was a good reminder of the value of focused in-person sessions.
• No meetings – Another week with no meetings for an entire day. Keeping this up through the end of the month to establish the habit.  

Week one hundred nineteen was a slower-paced week. Looking forward to next week.

Today marks the end of my one-hundred-eighteenth week of working from home (mostly). Here are my takeaways from week one hundred eighteen:

• Conviction – This week was a reminder that understanding why you’re doing something is critical. It helps you build the confidence to make a decision and stick with it when others don’t understand it or when things look bleak.  
• Nonobvious markets – I spent some time thinking about this. Many markets are undercapitalized (for various reasons). Some have the potential for outsize returns. Finding these markets—or people who understand them—early is something I’m thinking about a lot.
• No meetings – I blocked off a day with no meetings again this week. The day was super productive. I want to keep this habit up. If I can do it for all of July, I think I’ll be able to keep it going.  

Week one hundred eighteen was a calm one. Looking forward to spending the holiday with family and friends.  

Today marks the end of my one-hundred-seventeenth week of working from home (mostly). Here are my takeaways from week one hundred seventeen:

• Differing perspectives – This week was a reminder that there’s value in hearing differing perspectives. Hearing someone else’s perspective helped me think about something differently and slightly adjust a strongly held opinion.
• Contrarian viewpoints – I spent some time listening to successful people who’ve taken contrarian views that led to outsize success. It’s a very interesting approach. I’m curious about these folks and intend to study them more.
• No meetings – I blocked off a day with no meetings. It was great. I was able to go deep and be productive. I want to work in one of these days every week.
• Leveling up – I want to make sure I’m always learning and leveling myself up. I need to continue putting myself in uncomfortable situations so I can grow. This week was a reminder that discomfort leads to insights and growth.

Week one hundred seventeen was a steady and productive one. Next week will be busy. Looking forward to it.

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