My favorite moment of our fireside chat with First Round Capital’s Josh Kopelman came at the very end of the night. I always ask our guests to tell us the one thing they believe that few other people believe. Sometimes the guest is exhausted by the gauntlet we’ve put them through by then and cop out a bit.
But Kopelman gave an honest and sobering answer about the future of the venture industry that was a more direct distillation of what he’d hinted at earlier in the evening. VCs have spent some 15 years profiting off of the Internet disrupting service based industries. How can we really believe VCs are different from the travel agents?
If he’s right, Kopelman is wise to embrace the change rather than fight it. In most industries, it’s those who embrace the democratizing force of technology and make it work for them that survive these things. Even if it means, as he says above, his paycheck should probably shrink. (That’s something you don’t hear a VC say everyday.)