Since 1994, we have invested more Internet companies than any other independent VC firm. We extend the network with affiliate offices in 12 U.S. cities as well as Hong Kong, Singapore and London. When we invest, we bet on the people and their ability to sell the vision and execute. Deals are never static entities. The same is true for company partnerships.
Good people can maintain and nurture good partnerships.
Just like as a referenceable account helps in subsequent sales, a win-win partnership helps close subsequent deals. Four11, RealNames and Direct Hit were masters at maintaining multiple partnerships. Deals are most frequently done because of personal relationships, either direct or one-step removed. For young companies where so much can change, equity is the great equilibrator. If everyone is working to make the equity valuable, incentives are aligned.