The Craft of Early Stage Venture | Peter Fenton, General Partner at Benchmark

In this interview, Peter Fenton discusses the concept of generalizing Darwinism and its relevance to Silicon Valley, companies, and venture capital. He explains the three mechanics of evolution—planned and unplanned variance, selection, and inheritance—and how they apply to the adaptive ecosystem of Silicon Valley. Fenton argues that Silicon Valley's success lies in its ability to tolerate mutations, apply selection pressures, and inherit entrepreneurial experiences. He also touches on the importance of competition between groups, as seen in China's tech industry, and the communal nature of Silicon Valley's competitive environment. The conversation further explores how Darwinism applies to venture capital, the challenges of scaling venture firms, and the importance of deep, personal relationships between venture capitalists and entrepreneurs, emphasizing the value of long-term commitment and genuine partnership over short-term gains.