I probably get between 500 and 1,000 executive summaries sent to me a year. Of those, let’s say, 750, I probably meet with 100 in a year. Of those 100 I meet with I probably get serious about 20. And of those 20, I will likely fund 2. So it is a pretty stark funnel. But it gives you a ton of perspective about what is going on out there. What are people thinking about? How are the markets moving? Etc.
Picking great companies is challenging because there are a lots of great ideas and lots of great teams, but building the next Facebook requires a great team, a great idea, amazing market timing, a ton of luck, etc. So I tend to err on the side of great teams. Great teams can make tough markets, poor original product decisions, etc. into good companies. But mediocre teams can’t. The Aardvark, Evite and Tickle teams were great. As are my other portfolio teams (Splunk, Six Apart, VideoEgg, StumbleUpon, Gravity, WePay, etc. etc.). Great teams build great companies.
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