What Is A "Venture Partner" And Why Does It Matter To You?

Some common examples of Venture Partners are; former partners who are semi-retired but still want to be able to do deals, former entrepreneurs who have multiple business interests but want to be able to do deals with a VC platform, and a partner in waiting who is headed to become a full partner.

My partner Albert Wenger is an example of the latter. Albert was the President of Delicious and when it was sold to Yahoo!, he left Delicious and started a company with his wife Susan called Daily Lit. Brad and I thought that Albert would make a great partner for us, but did not have room for a third partner in our first fund. We did want to work with Albert right away. So Albert joined us as a Venture Partner for about 18 months and then when we raised our second fund, he became a full member of our partnership. That was a great way to bring Albert into our partnership.
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(From the "A VC" blog post. Thanks to Fred Wilson.