To become top-tier in venture capital historically, firms needed to build reputational moats by investing in successful companies (e.g., Sequoia with Apple, Cisco, Yahoo, Google), making it extremely difficult for new entrants to compete in 2009.
factualpending
Speaker
Ben HorowitzEvidence Quote
“If you're a Sequoia, you had invested in Apple and Cisco and Yahoo and Google. And so it's really hard to make up that ground if you're starting in 2009.”
Created: 8/12/2026, 10:05:59 PM
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