The Manure Theory of Venture Capital
That which eats must also excrete.
Published in
3 min readFeb 14, 2019
Reassuring us in 2011 that we weren’t just seeing another “dangerous new bubble,” Marc Andreessen enthused that internet companies were “building real, high-growth, high-margin, highly defensible businesses.” This was not a replay of the first dot-com bust of the turn of the century. Rather, the new wave of software companies were creating…