October 09, 2006
Sevin Rosen Waves the White Flag
Posted by Gordon Smith

Thanks to Bill Henderson, I caught up with the story about Sevin Rosen's decision to abort fundraising for its tenth venture capital fund:

"The traditional venture model seems to us to be broken," Steve Dow, a general partner at Sevin Rosen Funds, said in an interview.

VC is broken? Fred Wilson doesn't think so. Nor does  Paul Kedrosky. Om Malik suggests that this has more to do with Sevin Rosen than with venture capital generally:

Sevin Rosen’s big hits came where there was massive industry disruption. Compaq in the PC era for example, or Ciena in the optical arena. The fund missed the Internet wave, and many of their telecom investments came long after the telecom bubble was in full swing. Market timing did not play in their favor.

Agreed. The sky is not falling.

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