// venture strategy

Source: a16z

a16z argues that growth-stage venture has emerged as a distinct asset class because most investors misread the market. It's not about later-stage capital deployment, but about founder maturity and operational sophistication. The market is hardening: Series B+ success now depends less on product-market fit novelty and more on a founder's ability to build repeatable systems, navigate complex unit economics, and execute through downturns. This shifts which founders get funded and how capital firms structure their strategies.