THE MCDONALDIZATION OF VENTURE CAPITAL

Summary from the TLDR Founders newsletter

A bigger venture fund can change which version of your company an investor wants to back. Venture is splitting between firms seeking exceptional returns and asset managers built to deploy enormous pools of money. Large asset managers can be satisfied doubling or tripling their money, so they favor companies that can absorb billions of dollars in familiar markets. The same incentives push founders toward businesses that fit the next large investor's expectations.