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Interesting to know, thanks. My example was probably a bit too hastily made-up.

So I guess in summary, it's not so much about investor time and attention but mostly about managing the risks of the different sectors.

Consumer startups are inherently less predictable and therefore you invest only when a company appears to have found its market and be at least partly on the way to success. Whether that be A round or later is irrelevant.

Whereas the enterprise startups are more predictable, in that if you find a great founding team with a good idea, they are more likely to make a success of it in that sector. Therefore you can cast a wider net, earlier in the lifetimes of the companies, than you would for consumer startups.

Or to summarise the summary: A good, predictable bet is better than an unpredictable one. Or maybe, never look a gift horse in the mouth?

Generally yes. Distilled down, quality of team seems to be a better predictor of success in enterprise than consumer, in that we see many more great consumer teams struggling to get traction than we do great enterprise teams struggling to get traction (on a proportional basis). There are many other factors for both but the "lightning in a bottle" element for consumer startups is real and very frustrating for teams that end up not being able to capture it.

I would just take out "only" from your comment -- there are exceptions everywhere. When we talk about patterns like these, they really are only patterns -- the truth is always in the specific details.

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