Every now and then VC folks should remind themselves of where the capital they raise is coming from. The capital we get fees and carried interest on. The capital we get the opportunity to build wealth on.
And I mean the ultimate source of capital: behind every pension plan that invests in a VC fund are (current and future) pensioners, behind a fund of funds there may be a workers saving plan, behind a life insurance fund there are actual individual life insurance savings.
The point is that the folks that are often the ultimate source of capital for VC funds most likely never have and never will earn anything remotely like VCs do.
So it’s important to remind ourselves what a privilege it is to be trusted with other people’s money. A privilege that comes with a huge responsibility to generate returns for all these folks.
That’s the responsibility of venture capital. It’s not a game.