Hubert Thieblot Shares 2009 Experience: 4-Hour Flight for Series A, VC Rejected in 20 Minutes Citing 'No Investment in Media Companies'
The company was later acquired by Twitch in 2016, proving the early judgment was a mistake.
Market mechanisms show that VC decision-making is shifting from track preference to founder priority, with funds accelerating towards resilient and execution-driven founders. Projects that were undervalued early on benefit from long-term validation, while conservative VCs are pressured by missed potential deals.
Source: Public Information
ABAB AI Insight
Hubert Thieblot's previously founded media/gaming-related company was ultimately acquired by Twitch. This sharing continues his criticism of VC "track bias," emphasizing that a founder's execution ability and adaptability are far more important than initial track labels, similar to many companies that achieved great success after being rejected early.
In terms of capital pathways, VCs should prioritize evaluating founders over tracks, motivated by the fact that excellent founders can iterate directions amid market changes rather than sticking to initial plans, thus reducing investment risks and enhancing long-term return multiples.
Similar cases include Airbnb being rejected multiple times in its early days and Uber being viewed as a "taxi problem" yet ultimately succeeding; the current VC market is in a phase of re-emphasizing founder judgment in a post-high interest rate environment.
Essentially, this represents capital concentration: venture capital is shifting from track-driven to founder-first, with the mechanism being the accelerated pace of technology and market iteration, allowing strong execution-driven founders to transcend initial track limitations, thereby enabling capital to flow more efficiently to teams that can truly create value.
ABAB News · Cognitive Law
Tracks may change, but founders do not.
Rejection is easy, but misjudgment is costly.
Excellent VCs invest in people, ordinary VCs invest in tracks.