Gurley argues venture capital patterns decay, citing how Intuit bias caused VCs to miss Shopify.
“I think the patterns have a half life and they decay. Or I saw Toby from Shopify was talking about the VCs passing on them.”
Gurley admits pattern recognition led VCs to miss HubSpot, Shopify, and Twilio due to anti-small-business bias from Intuit precedent.
“And so you develop this anti small business mindset, which keeps you out of HubSpot and Shopify and Twilio. Then miss massive amounts.”