Fintech Leaders 50 Years Of VC: Lessons From Howard Morgan and Alan Patricof
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Sep 16, 2025 
In this engaging discussion, veteran investor Alan Patricof reflects on his extensive career in venture capital, co-founding firms like Apax Partners and Greycroft. He shares fascinating insights into the evolution of the industry, from a mere 50 deals a year to today's expansive market. Alongside Howard Morgan, they emphasize the importance of mentorship over monetary gains and offer predictions on the transformational impact of AI and robotics on the future. Their experiences highlight the value of learning from strong mentors while navigating the ever-changing landscape of venture capital.
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Learn First, Start Later
- Work under a skilled mentor in a job to learn business before starting your own company.
- Gain real experience and avoid launching startups purely to chase perceived quick riches.
When IPO Windows Freeze
- In 1987 IPO windows froze and VCs couldn't return money, forcing long waits for liquidity.
- Howard contrasts that with recent long fund lives where big exits sometimes materialize in years 13–14.
Living Through 1999–2001 Carnage
- Alan recalls 1999–2001 when weekly many portfolio companies struggled to make payroll.
- He contrasts that era's frantic layoffs with today's generally better-funded, better-planned startups.