Founder-centric fund raises first professional money

Far and away the most common mistake venture capitalists cop to is keeping a portfolio company founder in the CEO slot too long. For people who don’t like to admit to mistakes, it’s an easy one to shoulder because it contains the implication that the investment was a sound one in the beginning, but also carries a de facto defense of the ultimate decision to throw the entrepreneur overboard.

So in making "founders" the foundational aspect of a venture fund, so to speak, partners in Founders Fund II may indeed be creating a "new model for venture investments to meet the changing needs of today’s entrepreneur," as they declare in a press release announcing the new $220 million fund. Founders Fund I drew its name from the fact that its four principals were all successful company founders, but also emphasized the moniker in sourcing deals from entrepreneurs who expect to play key, long-term roles in the companies they formed.

FullStory: http://www.techconfidential.com/vc-ratings/facebook/foundercentric-fund-raises-fir.php