Venture Reflections • 29 implied HN points • 02 Feb 26
- The first "desert" (Funds I–III) is about survival: raising initial funds, proving your right to win, and juggling operations, investments, and LP relationships to stay alive.
- After you clear that phase you enter a second "desert" where the challenges shift to long-term firm questions like longevity, succession, and whether you’re truly established.
- The mid-stage can feel lonely and ambiguous: early peers and mentors thin out, fundraising dynamics change, and you need new advisors and skills to navigate this uncertain transition.