David Haber, a general partner at Andreessen Horowitz, delineates the differences between operating a venture capital fund versus building a lasting firm. He argues that while funds narrowly focus on maximizing carry in the short term, firms prioritize building compounding competitive advantages and delivering the best product for entrepreneurs. Haber emphasizes Andreessen Horowitz's commitment to reinvesting management fees into a vast operating platform, now comprising 400 people, to provide founders with resources beyond capital. Drawing from his experience as a founder of Bond Street and later at Goldman Sachs, Haber highlights the value of investors with operating backgrounds. He also shares his insights on how AI is rapidly transforming financial services by automating back-office workflows and improving collection rates, making it an exciting area for new ventures.
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