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VCs often say they invest in team first and idea second but USV decided not to invest in AirBnb despite having no (obvious) reservations about the team or their ability to execute.

Does this mean that ideas are more important than investors really let on?

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Markets are the most important. Great team in a small market: no hope. Bad team anywhere: no hope. Great team in a great market, bad idea: there is hope (changing the idea is easy, just pour more money - changing the team is close to impossible)

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