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In this post, I want to share some new thoughts that build on Steve’s post, and connect them to Lean Startup methods. The success of Documentum and Document Sciences, they felt, came largely from Xerox technology and customers, yet the startup companies XTV funded got all the credit. Venturing inside a corporation is a 2-front war.
But the biggest innovation was the “carriedinterest” (called the “carry”.) Aligning their interests with their limited investors and the entrepreneurs they were investing in. In a typical venture fund, the partners receive a 2% management fee. This is where the partners would make their money.
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