Every early-stage investor dreams of overnight success.
For a while, it even seemed like that was the norm: two founders with an idea for a fun little app flipping it for $50 million to Yahoo six months later. Those stories made great headlines—but they were the exception, not the rule.
In reality, success in early-stage investing usually comes after years—sometimes decades—of patience and hard work.
That point came home to me recently when I had the opportunity to congratulate James Avery of Kevel on the success of his recent KevelFest event. James has built a terrific company in the retail media space and is now working with some of the world’s top brands. A lot of people have only recently heard of Kevel.
My story with that company goes back to 2008. Yes—coming up on eighteen years that I’ve been an investor and board member. Along the way there have been twists, turns, and pivots. The fact that the company has continued to grow and evolve is a testament to James’ ability to run a disciplined, cash-efficient business. We were fortunate that Fulcrum Equity Partners of Atlanta joined us to accelerate growth in 2020. While that may feel “recent,” it still represents six more years of hard work.
Kevel isn’t the only example in our portfolio.
I’ve long admired Rafat Ali and Skift, the global travel industry news service. I knew and respected Rafat from his work on PaidContent in the early 2000s. When he told me in 2011 that he wanted to build the definitive authority for the travel industry, I happily invested. That was fifteen years ago.
Rafat and his team have built a trusted source of news and analysis for the global travel industry. Skift now hosts conferences where the CEOs of the world’s leading travel companies gather to talk about the future of the business. But building that kind of credibility takes time. Along the way, the company had to navigate the devastating effects of the global pandemic on travel and even the collapse of Silicon Valley Bank. Did I expect to still be an investor fifteen years later? No. But I remain immensely proud to have been part of Skift’s journey.
I can also point to Emma McIlroy’s success building Wildfang. Wildfang is a successful and fun fashion brand. But more importantly, it has become a champion for a generation of young people questioning traditional gender stereotypes. It’s a great business, but it’s also a powerful voice for people who need allies while they are under attack. We have been investors since 2017 and feel the company has grown stronger every year.
There are many more examples. We have been investors in Slumberkins for nearly ten years. From the beginning, we believed strongly in the vision that Callie Christensen and Kelly Oriard had for helping parents support the emotional well-being of their children. Today, Suzanne Kolb is doing an amazing job bringing the brand into the mainstream.
I won’t kid you—I’d welcome overnight success and quick, easy money. Every investor would. But over time I’ve come to understand that the real work of early-stage investing isn’t chasing quick exits. It’s partnering with great founders, helping them build products that genuinely serve people, and supporting them through the long, unpredictable process of building companies that last.
Venture capital statistics reinforce this reality. Most successful startups take seven to ten years to reach an exit. The median time to IPO historically has been about eight years, and today many companies go public after more than a decade of building. Even acquisitions typically take five to seven years from first financing, which often means eight to twelve years from the original idea. In other words, patience isn’t just helpful in early-stage investing—it’s required.
Our newest investments—including WildRye, Chela Media, and Prelude Early Learning—continue this pattern of backing great founders doing important work.
If experience has taught me anything, it’s this: the companies that matter most rarely happen overnight. They are built slowly—through persistence, resilience, and the steady work of founders who refuse to give up. Patience isn’t just part of early-stage investing. It’s the whole game.