Tenacious Ventures: Theory of Change
“In times of change, learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.” - Eric Hoffer
I came across this article from Vela Georgiev of Tenacious Ventures this week. Vela posted the piece back in March, and I am embarrassed to say I missed it then. I am glad Matthew Pryor and Sarah Nolet re-posted it this week (an advertisement for re-posting your old content).
This is a post that every agtech startup needs to read. I don’t really care if you agree with them or not. Things may be more interesting if you don’t. But I believe that every start-up and founding team needs to have an investment thesis - or, as Vela calls it - a theory of change. This is not just an activity for those in venture capital.
We, as founders, must be able to articulate our fundamental beliefs about how the world is today and how it might evolve into the future, including our potential role in that evolving world.
We should consider the part our products and services might play and the steps we are willing to take to fulfill that role/part successfully.
This understanding will guide our decisions on whether to double down, stay the course, pivot, etc.
These insights are not just important; they are critical to our success. They form the backbone of our vision, fuel our passion, and, most importantly, give us the strength to push through even when the odds seem (are) stacked against us.
Our unique perspective (point of view) is our greatest asset when we're just starting out. It's the guiding light that shows us where we need to go. It's the foundation upon which we build our products and services and the future we strive to create.
So, don't just read this post - reflect on it and use it as a springboard to solidify your investment thesis. The ability to articulate your vision is not just a venture capitalist's tool - it's a founder's compass.
Remember, average companies index for comparison. Great companies force a choice.
So make sure you don’t just steal someone else’s theory of change - think for yourself and develop your own.
Make something different. Make people care. Make fans, not followers.