Harry Stebbings

What a nuts week it has been in tech!

- Factory vs Cognition: The Battle Continues
- Vinod Khosla Tweets a Storm
- OpenAI Hits $70BN Run Rate
- Salesforce Buys Listen Labs for $2B

More heat in this than a Sequoia tranched round!!! 😉

My notes below with @jasonlk, @rodriscoll, and @dittycheria

1. Why Is It Wrong for CROs to Jump Jobs So Easily?

CROs recruit their teams by selling them on the company, the vision and how the role could transform their families' finances. A CRO who leaves for a direct competitor burns their reputation with everyone they recruited. Moving to a company in a different space for a better opportunity is common, but flipping straight to a direct rival is far rarer.

2. CROs Are Promiscuous and This Is How They Find Jobs

The CRO role carries high risk and heavy turnover, and when a hot job opens up, CROs tend to move very quickly. Roughly 95% of CROs would likely see a jump to a competitor as normal, since that is how many of them found their last job. For CEOs, watching an advisor leave to join a competitor is still profoundly frustrating.

3. What Are You Doing Vinod Khosla?

Vinod Khosla's tweet handed every firm competing with Khosla Ventures a weapon on deals. Rival investors can now ask founders, "Is this the partner you want when things go bad?" The reaction was shocking, given that Khosla Ventures has a great team.

4. Should We Invest in ElevenLabs at 22 Billion?

At a $22B valuation, ElevenLabs merits up to 10% of the fund. Its lead keeps widening despite intense competition, backed by strong growth, surprisingly impressive margins and sub-millisecond voice response times. Voice is one of the 10 most important underpinnings of agentic applications, and ElevenLabs could soon be approaching $1B in revenue.

5. What Makes a Durable Company in 2026?

Durable companies create a data loop where users generate data no one else has, that data improves the product, and a better product attracts more usage. Competitors can copy the features, but they cannot copy the user interactions behind them.

6. When Agents Pick You, It's a Force of Nature

Vercel has reached $600M in ARR, with agents now driving 50% of its new business, up from 3% at the start of the year. Agents form strong opinions about which vendors to use, and those choices are hard to argue with. Companies now need agents to find them and understand what they sell, because missing from an AI-generated answer is like being invisible on Google.

(links in comments)

What a nuts week it has been in tech!

- Factory vs Cognition: The Battle Continues
- Vinod Khosla Tweets a Storm
- OpenAI Hits $70BN Run Rate
- Salesforce Buys Listen Labs for $2B

More heat in this than a Sequoia tranched round!!! 😉

My notes below with @jasonlk, @rodriscoll, and @dittycheria

1. Why Is It Wrong for CROs to Jump Jobs So Easily?

CROs recruit their teams by selling them on the company, the vision and how the role could transform their families' finances. A CRO who leaves for a direct competitor burns their reputation with everyone they recruited. Moving to a company in a different space for a better opportunity is common, but flipping straight to a direct rival is far rarer.

2. CROs Are Promiscuous and This Is How They Find Jobs

The CRO role carries high risk and heavy turnover, and when a hot job opens up, CROs tend to move very quickly. Roughly 95% of CROs would likely see a jump to a competitor as normal, since that is how many of them found their last job. For CEOs, watching an advisor leave to join a competitor is still profoundly frustrating.

3. What Are You Doing Vinod Khosla?

Vinod Khosla's tweet handed every firm competing with Khosla Ventures a weapon on deals. Rival investors can now ask founders, "Is this the partner you want when things go bad?" The reaction was shocking, given that Khosla Ventures has a great team.

4. Should We Invest in ElevenLabs at 22 Billion?

At a $22B valuation, ElevenLabs merits up to 10% of the fund. Its lead keeps widening despite intense competition, backed by strong growth, surprisingly impressive margins and sub-millisecond voice response times. Voice is one of the 10 most important underpinnings of agentic applications, and ElevenLabs could soon be approaching $1B in revenue.

5. What Makes a Durable Company in 2026?

Durable companies create a data loop where users generate data no one else has, that data improves the product, and a better product attracts more usage. Competitors can copy the features, but they cannot copy the user interactions behind them.

6. When Agents Pick You, It's a Force of Nature

Vercel has reached $600M in ARR, with agents now driving 50% of its new business, up from 3% at the start of the year. Agents form strong opinions about which vendors to use, and those choices are hard to argue with. Companies now need agents to find them and understand what they sell, because missing from an AI-generated answer is like being invisible on Google.

(links in comments)

What a nuts week it has been in tech!

- Factory vs Cognition: The Battle Continues
- Vinod Khosla Tweets a Storm
- OpenAI Hits $70BN Run Rate
- Salesforce Buys Listen Labs for $2B

More heat in this than a Sequoia tranched round!!! 😉

My notes below with @jasonlk, @rodriscoll, and @dittycheria

1. Why Is It Wrong for CROs to Jump Jobs So Easily?

CROs recruit their teams by selling them on the company, the vision and how the role could transform their families' finances. A CRO who leaves for a direct competitor burns their reputation with everyone they recruited. Moving to a company in a different space for a better opportunity is common, but flipping straight to a direct rival is far rarer.

2. CROs Are Promiscuous and This Is How They Find Jobs

The CRO role carries high risk and heavy turnover, and when a hot job opens up, CROs tend to move very quickly. Roughly 95% of CROs would likely see a jump to a competitor as normal, since that is how many of them found their last job. For CEOs, watching an advisor leave to join a competitor is still profoundly frustrating.

3. What Are You Doing Vinod Khosla?

Vinod Khosla's tweet handed every firm competing with Khosla Ventures a weapon on deals. Rival investors can now ask founders, "Is this the partner you want when things go bad?" The reaction was shocking, given that Khosla Ventures has a great team.

4. Should We Invest in ElevenLabs at 22 Billion?

At a $22B valuation, ElevenLabs merits up to 10% of the fund. Its lead keeps widening despite intense competition, backed by strong growth, surprisingly impressive margins and sub-millisecond voice response times. Voice is one of the 10 most important underpinnings of agentic applications, and ElevenLabs could soon be approaching $1B in revenue.

5. What Makes a Durable Company in 2026?

Durable companies create a data loop where users generate data no one else has, that data improves the product, and a better product attracts more usage. Competitors can copy the features, but they cannot copy the user interactions behind them.

6. When Agents Pick You, It's a Force of Nature

Vercel has reached $600M in ARR, with agents now driving 50% of its new business, up from 3% at the start of the year. Agents form strong opinions about which vendors to use, and those choices are hard to argue with. Companies now need agents to find them and understand what they sell, because missing from an AI-generated answer is like being invisible on Google.

(links in comments)

What a nuts week it has been in tech!

- Factory vs Cognition: The Battle Continues
- Vinod Khosla Tweets a Storm
- OpenAI Hits $70BN Run Rate
- Salesforce Buys Listen Labs for $2B

More heat in this than a Sequoia tranched round!!! 😉

My notes below with @jasonlk, @rodriscoll, and @dittycheria

1. Why Is It Wrong for CROs to Jump Jobs So Easily?

CROs recruit their teams by selling them on the company, the vision and how the role could transform their families' finances. A CRO who leaves for a direct competitor burns their reputation with everyone they recruited. Moving to a company in a different space for a better opportunity is common, but flipping straight to a direct rival is far rarer.

2. CROs Are Promiscuous and This Is How They Find Jobs

The CRO role carries high risk and heavy turnover, and when a hot job opens up, CROs tend to move very quickly. Roughly 95% of CROs would likely see a jump to a competitor as normal, since that is how many of them found their last job. For CEOs, watching an advisor leave to join a competitor is still profoundly frustrating.

3. What Are You Doing Vinod Khosla?

Vinod Khosla's tweet handed every firm competing with Khosla Ventures a weapon on deals. Rival investors can now ask founders, "Is this the partner you want when things go bad?" The reaction was shocking, given that Khosla Ventures has a great team.

4. Should We Invest in ElevenLabs at 22 Billion?

At a $22B valuation, ElevenLabs merits up to 10% of the fund. Its lead keeps widening despite intense competition, backed by strong growth, surprisingly impressive margins and sub-millisecond voice response times. Voice is one of the 10 most important underpinnings of agentic applications, and ElevenLabs could soon be approaching $1B in revenue.

5. What Makes a Durable Company in 2026?

Durable companies create a data loop where users generate data no one else has, that data improves the product, and a better product attracts more usage. Competitors can copy the features, but they cannot copy the user interactions behind them.

6. When Agents Pick You, It's a Force of Nature

Vercel has reached $600M in ARR, with agents now driving 50% of its new business, up from 3% at the start of the year. Agents form strong opinions about which vendors to use, and those choices are hard to argue with. Companies now need agents to find them and understand what they sell, because missing from an AI-generated answer is like being invisible on Google.

(links in comments)

Today Hone launches Engines: AI that owns business outcomes.

Chatbots give answers. Agents do tasks. Engines deliver outcomes, and we hold them responsible for creating real value, measured in actual dollars instead of tokens or vibes.

You point it at a business metric, and the Engine figures out the rest. It onboards itself, builds the necessary agents, skills, and memories, collaborates with the right people, and gets better with experience.

From AI leaders to global enterprises, our customers have already used Engines to:

• Uncover millions in procurement savings
• Optimize product funnels
• Manage credit risk
• Increase qualified pipeline in new territories
• Accelerate implementations and improve account management

To scale this impact across the economy, we’ve raised a $60M seed led by Benchmark and Index with participation from Elad Gil, Hanabi, Definition, Diffusion, Lux, SV Angel, and Align.

AI’s raw capabilities are far ahead of the value it creates in the real world, and Engines will help close the gap.

Here’s how they work…

What a nuts week it has been in tech!

- Factory vs Cognition: The Battle Continues
- Vinod Khosla Tweets a Storm
- OpenAI Hits $70BN Run Rate
- Salesforce Buys Listen Labs for $2B

More heat in this than a Sequoia tranched round!!! 😉

My notes below with @jasonlk, @rodriscoll, and @dittycheria

1. Why Is It Wrong for CROs to Jump Jobs So Easily?

CROs recruit their teams by selling them on the company, the vision and how the role could transform their families' finances. A CRO who leaves for a direct competitor burns their reputation with everyone they recruited. Moving to a company in a different space for a better opportunity is common, but flipping straight to a direct rival is far rarer.

2. CROs Are Promiscuous and This Is How They Find Jobs

The CRO role carries high risk and heavy turnover, and when a hot job opens up, CROs tend to move very quickly. Roughly 95% of CROs would likely see a jump to a competitor as normal, since that is how many of them found their last job. For CEOs, watching an advisor leave to join a competitor is still profoundly frustrating.

3. What Are You Doing Vinod Khosla?

Vinod Khosla's tweet handed every firm competing with Khosla Ventures a weapon on deals. Rival investors can now ask founders, "Is this the partner you want when things go bad?" The reaction was shocking, given that Khosla Ventures has a great team.

4. Should We Invest in ElevenLabs at 22 Billion?

At a $22B valuation, ElevenLabs merits up to 10% of the fund. Its lead keeps widening despite intense competition, backed by strong growth, surprisingly impressive margins and sub-millisecond voice response times. Voice is one of the 10 most important underpinnings of agentic applications, and ElevenLabs could soon be approaching $1B in revenue.

5. What Makes a Durable Company in 2026?

Durable companies create a data loop where users generate data no one else has, that data improves the product, and a better product attracts more usage. Competitors can copy the features, but they cannot copy the user interactions behind them.

6. When Agents Pick You, It's a Force of Nature

Vercel has reached $600M in ARR, with agents now driving 50% of its new business, up from 3% at the start of the year. Agents form strong opinions about which vendors to use, and those choices are hard to argue with. Companies now need agents to find them and understand what they sell, because missing from an AI-generated answer is like being invisible on Google.

(links in comments)

I know people are worried about fuel prices. And I get it. You get to the pump, watch the numbers climb, and wonder why it's costing so much more than it used to.
 
The reality is that global events are pushing up costs, and families here at home are feeling the impact.
 
But I won't accept that there's nothing I can do to help.
 
That's why from today, you'll be able to see petrol and diesel prices on Google Maps, compare nearby stations and find the cheapest option before you fill up.
 
It's a small change, but if there's a practical way to help people keep more money in their pocket, I'll do it.

What Menlo has done over the last 24 months is exceptional.

Yes, they did Anthropic’s round at $4BN that will make them $50BN+ as a firm. NICE!

But they then took that and went f****** hard. They do Lovable, Higgsfield, Legora.

They compounded the brand win of Anthropic to cement their position from respectfully a slightly ageing firm to being a dominant venture leader at the forefront with Thrive, a16z, Benchmark etc.

It is incredible to see and I sat down with @venkyganesan to shoot the s*** on this.

1. Every Seed Investment Is an Option Bet

Seed-stage deals function as financial options to discover true outlier potential before committing major capital. VCs must construct a broad enough portfolio to secure sufficient at-bats, only sizing up their position when quantifiable, revenue-based metrics prove an outlier has emerged.

2. What Is the First Sign of the AI Wave Cracking?

Market cycles rarely collapse due to equity write-downs. They fracture when levered debt defaults occur. When market participants take on heavy leverage during an AI boom, precise timing becomes as critical as being directionally correct, making debt obligations the primary failure vector when cycles turn.

3. Why Every VC Must Now Prioritize IRR

Every startup in the current landscape writes a structural tax to the Mag 7 and hyperscalers for compute and foundation models. Because LPs can buy index exposure to those same public tech giants without fees or carry, private VCs must generate outsized IRR performance, beating public markets by at least 1,000 basis points, to justify private capital allocation.

4. Why LPs Wanting Smaller Funds and Slower Deployment Is BS

LPs cannot demand both smaller fund sizes and multi-year deployment paces in the middle of a generational platform shift. Because AI startups face immense capital requirements to scale compute, VC firms that refuse to deploy capital rapidly will watch competitors step in and capture the category winners.

5. The Theory of Reflexivity and How It's Causing Markups

Reflexivity creates self-reinforcing loops where fast revenue growth triggers rapid valuation markups, attracting elite human and financial capital that further accelerates growth. However, when copycat investors chase markups for momentum rather than underlying fundamentals, reflexive valuation bubbles inflate until market realities force an inevitable correction.

6. Sometimes You Pay Up Because You Have Unique Insight

Premium entry prices are not always the result of irrational bidding. They often stem from an investor's ability to recognize a fundamentally larger total addressable market than the consensus. When a VC possesses unique conviction around an expanding market opportunity, paying above current rates reflects calculated foresight rather than price-taking behavior.

7. There's No Limit to What a Person Can Do as Long as They Don't Care Who Gets the Credit

Personal ego remains one of the most expensive liabilities in venture capital and company building. True long-term success requires setting aside individual notoriety, focusing ruthlessly on generating LP returns, and empowering teammates and founders without worrying about who receives the public credit.

(links in comments)

What Menlo has done over the last 24 months is exceptional.

Yes, they did Anthropic’s round at $4BN that will make them $50BN+ as a firm. NICE!

But they then took that and went f****** hard. They do Lovable, Higgsfield, Legora.

They compounded the brand win of Anthropic to cement their position from respectfully a slightly ageing firm to being a dominant venture leader at the forefront with Thrive, a16z, Benchmark etc.

It is incredible to see and I sat down with @venkyganesan to shoot the s*** on this.

1. Every Seed Investment Is an Option Bet

Seed-stage deals function as financial options to discover true outlier potential before committing major capital. VCs must construct a broad enough portfolio to secure sufficient at-bats, only sizing up their position when quantifiable, revenue-based metrics prove an outlier has emerged.

2. What Is the First Sign of the AI Wave Cracking?

Market cycles rarely collapse due to equity write-downs. They fracture when levered debt defaults occur. When market participants take on heavy leverage during an AI boom, precise timing becomes as critical as being directionally correct, making debt obligations the primary failure vector when cycles turn.

3. Why Every VC Must Now Prioritize IRR

Every startup in the current landscape writes a structural tax to the Mag 7 and hyperscalers for compute and foundation models. Because LPs can buy index exposure to those same public tech giants without fees or carry, private VCs must generate outsized IRR performance, beating public markets by at least 1,000 basis points, to justify private capital allocation.

4. Why LPs Wanting Smaller Funds and Slower Deployment Is BS

LPs cannot demand both smaller fund sizes and multi-year deployment paces in the middle of a generational platform shift. Because AI startups face immense capital requirements to scale compute, VC firms that refuse to deploy capital rapidly will watch competitors step in and capture the category winners.

5. The Theory of Reflexivity and How It's Causing Markups

Reflexivity creates self-reinforcing loops where fast revenue growth triggers rapid valuation markups, attracting elite human and financial capital that further accelerates growth. However, when copycat investors chase markups for momentum rather than underlying fundamentals, reflexive valuation bubbles inflate until market realities force an inevitable correction.

6. Sometimes You Pay Up Because You Have Unique Insight

Premium entry prices are not always the result of irrational bidding. They often stem from an investor's ability to recognize a fundamentally larger total addressable market than the consensus. When a VC possesses unique conviction around an expanding market opportunity, paying above current rates reflects calculated foresight rather than price-taking behavior.

7. There's No Limit to What a Person Can Do as Long as They Don't Care Who Gets the Credit

Personal ego remains one of the most expensive liabilities in venture capital and company building. True long-term success requires setting aside individual notoriety, focusing ruthlessly on generating LP returns, and empowering teammates and founders without worrying about who receives the public credit.

(links in comments)

What Menlo has done over the last 24 months is exceptional.

Yes, they did Anthropic’s round at $4BN that will make them $50BN+ as a firm. NICE!

But they then took that and went f****** hard. They do Lovable, Higgsfield, Legora.

They compounded the brand win of Anthropic to cement their position from respectfully a slightly ageing firm to being a dominant venture leader at the forefront with Thrive, a16z, Benchmark etc.

It is incredible to see and I sat down with @venkyganesan to shoot the s*** on this.

1. Every Seed Investment Is an Option Bet

Seed-stage deals function as financial options to discover true outlier potential before committing major capital. VCs must construct a broad enough portfolio to secure sufficient at-bats, only sizing up their position when quantifiable, revenue-based metrics prove an outlier has emerged.

2. What Is the First Sign of the AI Wave Cracking?

Market cycles rarely collapse due to equity write-downs. They fracture when levered debt defaults occur. When market participants take on heavy leverage during an AI boom, precise timing becomes as critical as being directionally correct, making debt obligations the primary failure vector when cycles turn.

3. Why Every VC Must Now Prioritize IRR

Every startup in the current landscape writes a structural tax to the Mag 7 and hyperscalers for compute and foundation models. Because LPs can buy index exposure to those same public tech giants without fees or carry, private VCs must generate outsized IRR performance, beating public markets by at least 1,000 basis points, to justify private capital allocation.

4. Why LPs Wanting Smaller Funds and Slower Deployment Is BS

LPs cannot demand both smaller fund sizes and multi-year deployment paces in the middle of a generational platform shift. Because AI startups face immense capital requirements to scale compute, VC firms that refuse to deploy capital rapidly will watch competitors step in and capture the category winners.

5. The Theory of Reflexivity and How It's Causing Markups

Reflexivity creates self-reinforcing loops where fast revenue growth triggers rapid valuation markups, attracting elite human and financial capital that further accelerates growth. However, when copycat investors chase markups for momentum rather than underlying fundamentals, reflexive valuation bubbles inflate until market realities force an inevitable correction.

6. Sometimes You Pay Up Because You Have Unique Insight

Premium entry prices are not always the result of irrational bidding. They often stem from an investor's ability to recognize a fundamentally larger total addressable market than the consensus. When a VC possesses unique conviction around an expanding market opportunity, paying above current rates reflects calculated foresight rather than price-taking behavior.

7. There's No Limit to What a Person Can Do as Long as They Don't Care Who Gets the Credit

Personal ego remains one of the most expensive liabilities in venture capital and company building. True long-term success requires setting aside individual notoriety, focusing ruthlessly on generating LP returns, and empowering teammates and founders without worrying about who receives the public credit.

(links in comments)

What Menlo has done over the last 24 months is exceptional.

Yes, they did Anthropic’s round at $4BN that will make them $50BN+ as a firm. NICE!

But they then took that and went f****** hard. They do Lovable, Higgsfield, Legora.

They compounded the brand win of Anthropic to cement their position from respectfully a slightly ageing firm to being a dominant venture leader at the forefront with Thrive, a16z, Benchmark etc.

It is incredible to see and I sat down with @venkyganesan to shoot the s*** on this.

1. Every Seed Investment Is an Option Bet

Seed-stage deals function as financial options to discover true outlier potential before committing major capital. VCs must construct a broad enough portfolio to secure sufficient at-bats, only sizing up their position when quantifiable, revenue-based metrics prove an outlier has emerged.

2. What Is the First Sign of the AI Wave Cracking?

Market cycles rarely collapse due to equity write-downs. They fracture when levered debt defaults occur. When market participants take on heavy leverage during an AI boom, precise timing becomes as critical as being directionally correct, making debt obligations the primary failure vector when cycles turn.

3. Why Every VC Must Now Prioritize IRR

Every startup in the current landscape writes a structural tax to the Mag 7 and hyperscalers for compute and foundation models. Because LPs can buy index exposure to those same public tech giants without fees or carry, private VCs must generate outsized IRR performance, beating public markets by at least 1,000 basis points, to justify private capital allocation.

4. Why LPs Wanting Smaller Funds and Slower Deployment Is BS

LPs cannot demand both smaller fund sizes and multi-year deployment paces in the middle of a generational platform shift. Because AI startups face immense capital requirements to scale compute, VC firms that refuse to deploy capital rapidly will watch competitors step in and capture the category winners.

5. The Theory of Reflexivity and How It's Causing Markups

Reflexivity creates self-reinforcing loops where fast revenue growth triggers rapid valuation markups, attracting elite human and financial capital that further accelerates growth. However, when copycat investors chase markups for momentum rather than underlying fundamentals, reflexive valuation bubbles inflate until market realities force an inevitable correction.

6. Sometimes You Pay Up Because You Have Unique Insight

Premium entry prices are not always the result of irrational bidding. They often stem from an investor's ability to recognize a fundamentally larger total addressable market than the consensus. When a VC possesses unique conviction around an expanding market opportunity, paying above current rates reflects calculated foresight rather than price-taking behavior.

7. There's No Limit to What a Person Can Do as Long as They Don't Care Who Gets the Credit

Personal ego remains one of the most expensive liabilities in venture capital and company building. True long-term success requires setting aside individual notoriety, focusing ruthlessly on generating LP returns, and empowering teammates and founders without worrying about who receives the public credit.

(links in comments)

What Menlo has done over the last 24 months is exceptional.

Yes, they did Anthropic’s round at $4BN that will make them $50BN+ as a firm. NICE!

But they then took that and went f****** hard. They do Lovable, Higgsfield, Legora.

They compounded the brand win of Anthropic to cement their position from respectfully a slightly ageing firm to being a dominant venture leader at the forefront with Thrive, a16z, Benchmark etc.

It is incredible to see and I sat down with @venkyganesan to shoot the s*** on this.

1. Every Seed Investment Is an Option Bet

Seed-stage deals function as financial options to discover true outlier potential before committing major capital. VCs must construct a broad enough portfolio to secure sufficient at-bats, only sizing up their position when quantifiable, revenue-based metrics prove an outlier has emerged.

2. What Is the First Sign of the AI Wave Cracking?

Market cycles rarely collapse due to equity write-downs. They fracture when levered debt defaults occur. When market participants take on heavy leverage during an AI boom, precise timing becomes as critical as being directionally correct, making debt obligations the primary failure vector when cycles turn.

3. Why Every VC Must Now Prioritize IRR

Every startup in the current landscape writes a structural tax to the Mag 7 and hyperscalers for compute and foundation models. Because LPs can buy index exposure to those same public tech giants without fees or carry, private VCs must generate outsized IRR performance, beating public markets by at least 1,000 basis points, to justify private capital allocation.

4. Why LPs Wanting Smaller Funds and Slower Deployment Is BS

LPs cannot demand both smaller fund sizes and multi-year deployment paces in the middle of a generational platform shift. Because AI startups face immense capital requirements to scale compute, VC firms that refuse to deploy capital rapidly will watch competitors step in and capture the category winners.

5. The Theory of Reflexivity and How It's Causing Markups

Reflexivity creates self-reinforcing loops where fast revenue growth triggers rapid valuation markups, attracting elite human and financial capital that further accelerates growth. However, when copycat investors chase markups for momentum rather than underlying fundamentals, reflexive valuation bubbles inflate until market realities force an inevitable correction.

6. Sometimes You Pay Up Because You Have Unique Insight

Premium entry prices are not always the result of irrational bidding. They often stem from an investor's ability to recognize a fundamentally larger total addressable market than the consensus. When a VC possesses unique conviction around an expanding market opportunity, paying above current rates reflects calculated foresight rather than price-taking behavior.

7. There's No Limit to What a Person Can Do as Long as They Don't Care Who Gets the Credit

Personal ego remains one of the most expensive liabilities in venture capital and company building. True long-term success requires setting aside individual notoriety, focusing ruthlessly on generating LP returns, and empowering teammates and founders without worrying about who receives the public credit.

(links in comments)