Michael Moritz’s Rules for Venture Investing

Michael Moritz has shared many insights in his interviews and writings, but my favorite is his list of rules for venture investing from a 2004 profile in Fortune.

  1. Avoid capital-intensive businesses.
  2. Take measured steps.
  3. Never underestimate the difficulty of changing consumer behavior.
  4. Don’t begin a rollout until you’re sure the recipe is working.
  5. A business Wall Street is prepared to throw hundreds of millions of dollars at is not one he should be in.

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