# Legacy of Enduring Corporations: A VC's Reflection on Impact
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Chapter 1: The Quest for Lasting Impact
As venture capitalists, our role often oscillates between taking credit for successes and distancing ourselves from failures, depending on the situation. Successful companies tell tales of strategic introductions and meaningful contributions, while failures lead to excuses like, “I was just a small investor” or “There’s only so much I could do.” Even when we have been actively involved, such as serving on boards, it’s tempting to deflect responsibility. I acknowledge that I’ve been guilty of this too, but we strive to take ownership of our decisions throughout the investment lifecycle.
"In the world of venture capital, perception often dictates reality."
Section 1.1: The Challenge of Legacy
Once we exit a company, the dynamics change. No longer holding shares or serving on the board, we have the option to either support the team from a distance or move on entirely. However, I find myself pondering the declining fortunes of many SPACs and lackluster IPOs from recent years. What would it mean for me if those were the companies I helped build? Did I fulfill my role? Absolutely. Investing in nascent startups is fraught with challenges, and merely guiding them to a point where they can thrive is an achievement.
Section 1.2: The Role of Venture Capitalists
In the early stages of our first three funds, we often acted as lead or co-lead investors. As newer VCs entered, our stake in the cap table diminished. However, influence is less about share voting and more about providing ongoing support. Trust is earned through consistent, valuable assistance, ensuring that the startups can evolve into their best selves.
Chapter 2: Visions of Thriving Public Companies
I aspire for every startup we invest in to flourish as a public company, benefiting not just us but also a wider community of investors. This vision embodies the essence of American capitalism. Though navigating the world of public companies comes with its challenges, including the need for regulatory oversight, the opportunity to create real value for a broad base of investors is immensely rewarding.
The first video, "Are Founders Better Investors Than VCs?" delves into the evolving roles of founders and venture capitalists in shaping successful investments.
The second video, "Are Venture Capitalists Evil?" questions the ethics and responsibilities of VCs in the startup ecosystem.
Ultimately, I ponder how we can influence the trajectory of companies from their inception, ensuring they have bright futures even after we exit. While seed venture capital may not be the optimal position for shaping these outcomes, I am reluctant to relinquish that responsibility.