There's usually one reason that dominates everything else in a successful venture, similar to the power law in venture capital.

In venture capital, the leaders of firms often push for taking more risks, as the potential for high returns outweighs the risks of failure.

Venture capital is unique in that top firms tend to remain dominant for decades, as the best entrepreneurs prefer to work with the best VCs.

The venture capital industry is fundamentally a customer service business, serving both limited partners and founders, and the market will ultimately dictate where capital flows based on perceived opportunities.

We encourage our team to invest in opportunities that show promise, even if they come with risks, as this can lead to significant breakthroughs. In venture capital, the key to success is identifying the next big thing early and investing heavily, rather than focusing on win rates or percentage returns.

The history of venture capital is essential to understanding current trends, as many patterns repeat over decades.

The number of significant venture capital firms that have emerged in the last 30 years is very limited, with only a few breaking through to become top-tier.

Felicis Ventures has backed over 50 unicorns and achieved 100+ exits, demonstrating the importance of a diverse team in making investment decisions.

The venture capital landscape is evolving, with a growing emphasis on unique, high-leverage opportunities that challenge traditional investment strategies.