What Venture Capital Underwrites—And What It Ignores
Piyush Puri, Founding Partner, Mercurius Media Capital (MMC). Venture capital prides itself on pattern recognition: markets, teams, technologies and timing. Yet one of the most decisive variables in company building remains systematically underwritten: the ability to create and sustain demand.As competition intensifies and attention fragments, this omission is no longer theoretical; it is shaping outcomes.When venture capital chose to specialize in capital allocation, it created a structural bli...