It takes hard work, luck and patience to build great companies. There is no substitute for time. It takes time for markets to emerge, for companies to mature, and for people to develop.

Raising too much money saps the creativity, the hunger, and drive needed to build special companies. We look to partner with unconventional entrepreneurs willing to follow a different path. We don’t play venture lotto.

We look for entrepreneurs with maniacal determination, persistence, commitment and focus. We prefer to work with hedgehogs over foxes. They are more likely to build companies that become the very best at what they do.

We believe the best way maximize the chances of success is to keep learning and improving.  Experimentation and iteration is core to our approach; but it comes at a price.  It means we have to be willing to take chances, even to fail many times along the way.

We believe in aligning our interests with those of our most important partners – entrepreneurs and limited partners.  We raise small funds and make significant personal capital commitments. We do well only when our partners do well.

We know that the path to success will not be smooth.  To enjoy the downs as well as ups, there is nothing more important than people.  Working with people we genuinely like, trust and respect is what makes our journey worthwhile.