Circle of Competence and the Venture Capital Investment Triangle

  1. Mistakes of commission
  2. Mistakes of omission

Circle of Competence

The Innovation/Market Map

645 Ventures’ VC Investment Triangle

  1. Berkshire Hathaway 1996 Shareholder Letter
  2. Warren Buffett Describes the Circle of Competence, Jack Welch Management Institute
  3. Warren Buffett Speech to the University of Georgia Students Part 1 (Archive 2001)
  4. Understanding Your Circle of Competence, Farnam Street
  5. The Innovation/Market Map was defined by Greg Pass, former CTO of Twitter and Chief Entrepreneurial Officer at Cornell Tech.
  6. Please refer to the book “Play Bigger” for a definition of category kings and their characteristics.
  7. Legendary VC Fred Wilson has written, “Every really good venture fund I have been involved in or have witnessed has had one or more investments that paid off so large that one deal single handedly returned the entire fund.” See “Venture Fund Economics: When One Deal Returns the Fund”, AVC
  8. Howard Marks, “The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor”, Columbia Business School Publishing, at page 71.

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645 Ventures

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