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Acquisitions are never what VCs aim for. They aim for big, independent companies. They rarely hit that target, but it's always what they're aiming for.

Angels are different. Angels are willing to invest in a startup whose only likely good outcome is an acquisition. But VCs will not even consider making a series A investment in a startup that doesn't have a credible plan for getting to the kind of revenues that would support an IPO.




A VC's goal and responsibility is to maximize returns on investment. Imo changing the world etc. is just meaningless PR-speak for most of them. They'd be violating their fiduciary responsibilities if they really believed that changing the world was their primary goal and not maximizing ROI.

Now, it is true that a company (like Google) could maximize ROI and yet change the world by being a large independent company. However, this exception doesn't prove the rule.

My point is that a good VC can't afford to be divorced from reality. In practice, VCs do seem to understand that their primary aim is to maximize ROI (and that this aim is more often achieved through being acquired and not by being a large independent company)

Of course, all of this is opinion, but in the absence of data proving otherwise, I'm going to stick with my opinion :)




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