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Field Note: More on Exceptions and the New Consumer VC Math
Field Notes

Field Note: More on Exceptions and the New Consumer VC Math

I don’t do pre-seed consumer—but here’s the advice I gave anyway. May it be useful, or at least honest.

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Earnest Sweat
Jun 18, 2025
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Field Note: More on Exceptions and the New Consumer VC Math
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How to Find a Needle in a Haystack – Communications of the ACM

Most VCs pass on good companies every day. Even great ones.

Why?
Because they’re not looking for good. They’re looking for exceptions—companies that can return 80%+ of the entire fund.

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