The VC World Returns to Its Operating Roots

"You can't go into Compton to rehabilitate gang members if you haven't been a Crip." -- Ben Horowitz, co-founder of fast-rising venture outfit Andreessen Horowitz. Twenty years ago, the typical VC looked like a traditional banker, complete with an MBA and a background in finance. But a Wall Street background is becoming increasingly rare on Sand Hill Rd. The most coveted VCs are people who have built and scaled businesses, and who are deep in a particular domain. Why the shift?

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