The Minutes of Bill Gurley on venture capital https://minutesof.com/bill-gurley/on/venture-capital/ Everything Bill Gurley has said on venture capital: 25 verbatim quotes between June 2008 and July 2026, each with a timestamp and a link to the recording… en Sun, 30 Aug 2026 16:21:58 +0000 Gurley explains VCs can only join about two boards per year, unlike public investors evaluating unlimited posi https://minutesof.com/q/907de551-83d8-4736-bf81-e78cf0968d04/ https://minutesof.com/q/907de551-83d8-4736-bf81-e78cf0968d04/ “If it's positive IRR and I'll make 14%, I'll do it. Yep. But venture capitalists have a limited number of boards they can go on, probably two a year.” — Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital Gurley explains VCs can only join two boards yearly so must emotionally commit, not just meet hurdle rates. https://minutesof.com/q/45bd9854-83a8-44d0-84d7-a2b0b991ed0d/ https://minutesof.com/q/45bd9854-83a8-44d0-84d7-a2b0b991ed0d/ “But venture capitalists have a limited number of boards they can go on, probably two a year. And and so they don't have limited shot unlimited shots on goal.” — Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital Gurley explains VCs invest in only two boards yearly requiring emotional commitment not just IRR. https://minutesof.com/q/ec0804c1-2a6d-4da7-aa83-562faccfd9e0/ https://minutesof.com/q/ec0804c1-2a6d-4da7-aa83-562faccfd9e0/ “venture capitalists have a limited number of boards they can go on, probably two a year. And and so they don't have limited shot unlimited shots on goal.” — Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital Gurley says venture capital is getting more risk seeking due to belief in power laws. https://minutesof.com/q/ca6ec235-bb1d-4c90-884a-fc89177c6191/ https://minutesof.com/q/ca6ec235-bb1d-4c90-884a-fc89177c6191/ “the venture capital community as a whole is is getting more risk seeking and taking on more risk because of their knowledge of how things have played out in the past.” — The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 venture capital Gurley explains venture capitalists live in fear of missing the one or two asymmetric deals each year. https://minutesof.com/q/bb27b2e4-358f-4d96-bd9f-4161b22aa2cd/ https://minutesof.com/q/bb27b2e4-358f-4d96-bd9f-4161b22aa2cd/ “Once again, because of this asymmetric outcome thing, live in fear of missing this one or two deals a year. There's like, how could you possibly minimize the chance of not finding that?” — MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 venture capital Gurley says aging venture capitalists build mental models that create cynicism, causing them to miss disruptiv https://minutesof.com/q/9879a132-e095-4bd1-be25-6e538779a359/ https://minutesof.com/q/9879a132-e095-4bd1-be25-6e538779a359/ “I think, and this all goes back to the asymmetric optimism thing, as you get older, you build more mental models and you become more cynical.” — MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 venture capital Gurley invokes Carlota Perez to argue real disruptive waves attract speculators and charlatans, creating bubbl https://minutesof.com/q/46d1c7e4-b301-42d2-98e8-c39af26423b2/ https://minutesof.com/q/46d1c7e4-b301-42d2-98e8-c39af26423b2/ “And what happens is with a wave that's real, people get rich quick. When people get rich quick, fools rush in. Like speculators, charlatans, they come in.” — MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 venture capital Gurley says AI wave threatens more broadly than previous tech waves like PC, internet, or mobile. https://minutesof.com/q/1efc9f3a-17ba-4cfc-8c7c-1a1723ee234c/ https://minutesof.com/q/1efc9f3a-17ba-4cfc-8c7c-1a1723ee234c/ “And the past week in the financial markets, like a whole bunch of companies, you know, traded down because of fear that this would would disrupt them.” — Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 venture capital Gurley says venture funding is now completely preemptive with investors forcing money on companies. https://minutesof.com/q/cc862399-6c8a-4f6a-bc9c-abb6a41f5ed1/ https://minutesof.com/q/cc862399-6c8a-4f6a-bc9c-abb6a41f5ed1/ “So the the the the days when the company would run out of money or get close to running out and decide, oh, we're gonna go raise now is over. Like, the the it's preemptive.” — BigDeal by Codie Sanchez Wed, 04 Mar 2026 15:00:36 +0000 venture capital Gurley recalls knowing Benchmark would fund WeWork at Series A despite never doing real estate deals. https://minutesof.com/q/0a9770c4-f5d0-45cf-a291-fa9d1de89d4d/ https://minutesof.com/q/0a9770c4-f5d0-45cf-a291-fa9d1de89d4d/ “Now keep in mind, Benchmark's never done a real estate transaction in the history of the firm. And we're about thirty minutes into the presentation. This is series a.” — BigDeal by Codie Sanchez Wed, 04 Mar 2026 15:00:36 +0000 venture capital Gurley describes how industrialized VC funds now offer money to keep best companies private. https://minutesof.com/q/6a5f3f7b-3269-4581-b7f4-64d1c31737cb/ https://minutesof.com/q/6a5f3f7b-3269-4581-b7f4-64d1c31737cb/ “And one of the things that they've decided to do is to approach the companies, the best in class companies, and offer them money to stay private” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 venture capital Gurley argues excessive capital availability forces all-or-nothing strategies, with AI companies burning $100- https://minutesof.com/q/ae267b39-192b-48a9-bf76-de676192f9b4/ https://minutesof.com/q/ae267b39-192b-48a9-bf76-de676192f9b4/ “Traditional company building isn't spend a 100 or 150,000,000 a year in cash burn, but all the big AI companies are doing that, maybe more.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 venture capital He said, the head of the world's largest sovereign wealth fund said the clock is ticking for private equity an https://minutesof.com/q/ee43f8e6-cce8-458a-80a8-3c8ae51a57e9/ https://minutesof.com/q/ee43f8e6-cce8-458a-80a8-3c8ae51a57e9/ “He said, the head of the world's largest sovereign wealth fund said the clock is ticking for private equity and join the chorus of investors who've grown worried about the industry's valuation practices.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 venture capital Gurley observes venture's loose money trend has persisted beyond the zero interest rate period unexpectedly. https://minutesof.com/q/a6230c8a-5ba6-4e5f-ad74-b96dbd3e45e3/ https://minutesof.com/q/a6230c8a-5ba6-4e5f-ad74-b96dbd3e45e3/ “There's been a trend in venture recently. Recently. I I thought thought it it was was the the zero zero interest interest rate rate thing that caused it, but it's sustaining beyond that.” — McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 venture capital Gurley says every VC speaking publicly is performing for entrepreneurs they haven't met yet. https://minutesof.com/q/37c248c9-fe10-41e6-b275-f1db588adcd8/ https://minutesof.com/q/37c248c9-fe10-41e6-b275-f1db588adcd8/ “Every venture capitalist, when they open their mouth in front of a microphone, which I guess I'm doing right now, is talking to the entrepreneur they haven't met yet.” — Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital Gurley says venture capital must be measured over 20-40 years, longer than most employees stay. https://minutesof.com/q/488f7eba-5773-48dd-8a9e-c7936559f1fc/ https://minutesof.com/q/488f7eba-5773-48dd-8a9e-c7936559f1fc/ “You got to look at it over twenty to forty years, which is really bizarre because most firms don't have employees that long.” — Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital Gurley argues excessive capital availability lets entrepreneurs run without discipline since they never get re https://minutesof.com/q/7c51d2c2-fea0-4125-a88d-3c2514445a50/ https://minutesof.com/q/7c51d2c2-fea0-4125-a88d-3c2514445a50/ “I guess the thing I would say is that, you know, the excessive amount of capital that's been available to Silicon Valley has allowed a lot of entrepreneurs to run without much discipline because if you if if you're not running out of money, you're not constantly being regraded” — Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 venture capital Gurley recounts being told to work twenty years before entering venture capital. https://minutesof.com/q/f729ecd1-a099-4782-9fbf-7ecff211d9f1/ https://minutesof.com/q/f729ecd1-a099-4782-9fbf-7ecff211d9f1/ “I went and talked to some of the Austin Ventures partners and I said, I want to get into venture, what should I do?” — GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital Gurley says boardroom strategy is only about 5% of the venture business. https://minutesof.com/q/9e7edcbf-be85-4d16-bc86-dfb59cc79050/ https://minutesof.com/q/9e7edcbf-be85-4d16-bc86-dfb59cc79050/ “I often hear people describe venture and they think about sitting around in board rooms thinking up cool strategies. That's probably 5% of the business at best.” — GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital Gurley says most venture capital work involves selling and convincing people. https://minutesof.com/q/73ba66d6-b1ef-4ce7-b966-dbf79b8ff320/ https://minutesof.com/q/73ba66d6-b1ef-4ce7-b966-dbf79b8ff320/ “You're trying to convince, you know, to close an investment opportunity, you're trying to close an executive, you're trying to close a biz dev deal,” — GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital Gurley recalls predictions from five years ago that venture capital would become obsolete due to cheap startup https://minutesof.com/q/7f270237-4a03-4d0f-9c16-4a86b735b4ee/ https://minutesof.com/q/7f270237-4a03-4d0f-9c16-4a86b735b4ee/ “If you go back about five years, a whole bunch of people said, well Venture's dead because there's infinite angel money and you can start a company for cheap and you won't need Venture anymore.” — GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital Gurley argues that while starting is cheap, scaling a company requires both capital and expertise. https://minutesof.com/q/c7010802-6090-473f-ba44-eca7f2f1e71a/ https://minutesof.com/q/c7010802-6090-473f-ba44-eca7f2f1e71a/ “And what I think has come out of it is that you may be able to start a company for nothing but if you want to scale a company you will need capital and you'll need expertise to scale it to the next level.” — GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital Gurley argues scaling requires capital and expertise even if starting a company is cheap. https://minutesof.com/q/6646e3b5-8838-46c7-bdfd-1edf67786248/ https://minutesof.com/q/6646e3b5-8838-46c7-bdfd-1edf67786248/ “I think has come out of it is that you may be able to start a company for nothing but if you want to scale a company you will need capital and you'll need expertise to scale it to the next level. Not every single player, Benioff who got it up without venture” — GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital Gurley explains that the financial crisis caused institutional investors to drastically reduce venture capital https://minutesof.com/q/0fb077f6-d4df-459e-b36c-fa025d9a6644/ https://minutesof.com/q/0fb077f6-d4df-459e-b36c-fa025d9a6644/ “When the financial crisis happened, that model kinda came undone, and everyone has drastically reduced the amount of money they allocate to this category.” — Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 venture capital Gurley says venture firm count has shrunk dramatically after endowments reduced illiquid asset allocations pos https://minutesof.com/q/962f6772-44c3-4afd-90f3-f4af663ef18b/ https://minutesof.com/q/962f6772-44c3-4afd-90f3-f4af663ef18b/ “And as a result, the number of venture firms has begun to shrunk rather dramatically.” — Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 venture capital