Getting Passed

Check yourself, stay the course, and don’t let it get to your head.

Although I didn’t run track or cross country in high school, running has become a meaningful part of my adult life. Beyond the physical benefits, it provides me with unique mental clarity and a personal framework for goal-setting—especially when training for a race. And over time, the idea of a race itself has taken on a deeper resonance: a cliché, yes, but also a powerful metaphor that mirrors the rhythms, struggles, and competitiveness of a venture capital career.

One of the most mentally challenging things that happens in both running a road race and in your venture capital career is getting passed. You’re initially out in front, further ahead. Then, another racer who was behind you for miles inches up to your side and then runs right by you. Similarly, in venture capital, watching a peer or a newcomer surpass you, whether in getting a promotion to a higher title, or winning a coveted deal, or raising a larger fund, can really sting. It’s not just about pride; in VC, where outcomes overshadow consistent efforts, such sudden shifts in perceived success can feel particularly pointed. These moments aren’t just personal setbacks, as they can redefine your path and potential trajectory in the industry.

Yes, it really can hurt when a peer jumps ahead of you. It hurts even more and damages your ego when someone who started their career after you becomes outwardly more prominent, more successful. VC is notably an outputs business, not an inputs business. Tenure and experience of years helps, but the outcome of winning investments which can skyrocket overnight matters even more. That’s a component of venture versus other types of investing even… it can appear to be not just about steady consistent returns, but the flashiest.

That said, I’ve seen quite a number of people over the course of my career seemingly pass me by only to get knocked out of the race further along. It’s especially helpful to remember when you’re getting passed that proverbially finishing the race is the first priority. The most important thing in venture is not to lose your seat… stay in the race.

Steady pacing helps. Going into each race that I run, I formulate a base pace plan. Once I feel comfortable a few miles in that I can finish at this speed, only then do I pick it up further striving to outdo my initial goal. Just as in racing, where a thoughtfully maintained pace can lead to a strong finish, in venture capital, strategic, steady effort can sustain your career over the long haul. Understanding when to accelerate your efforts or pivot your strategies is key to long-term success.

While both running and venture careers are fundamentally “solo sports,” there’s a reason people enter road races with others rather than just going out for a run on their own. It’s about competing against others that pushed you to be your best. So when you get passed in either domain, it’s helpful to check your pace to ensure that you’re not letting up. Getting passed is critical feedback that someone who was behind is now ahead of you… is your race strategy different than theirs, or are you executing poorly?

I’ve been running now for a couple of decades, and I haven’t ever finished a race in first place. Investing now for two decades I haven’t (yet) made the Midas List. Yet, these aren’t the metrics that define my journeys. Instead, I measure my success by the steady progression and the robust track record I've built that I’m proud of. Just as in running, where each race builds endurance and skill, every venture decision and interaction enriches my expertise and fortifies my resolve. My goal is to stay in the race, consistently pushing myself and my partners forward.

Remember, when you're passed—whether on the track or in our industry—it's a cue to reassess your pace, not a sign to concede. Stay the course, keep pushing, and let every race, every challenge, refine your strategy and resilience.