As First Round Capital managing partner Rob Hayes met with the founders of another potentially promising startup earlier this week, he couldn’t help but fixate on the team’s crowded roster. The fledgling company had barely been in existence long enough to print a batch of business cards, yet it had already collected a CEO, COO, CFO, vice president of marketing, vice president of sales and two engineers.
For Hayes, whose company saw 700 investment opportunities last quarter and funded 12, this glut of executives did not bode well. “You know, who is going to do the work?” he asked himself. The startup ended up on Hayes’ “No” pile.
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