Metaphors used by venture capitalists: Darwinism, architecture and myth

Abstract

In this paper we develop a catalog of metaphor families that Silicon Valley venture capitalists use in their public communications. In establishing this preliminary catalog we aim to provide additional insight into the venture capitalist perspective and also lay the foundation for the development of a grounded cultural model of Silicon Valley venture capitalists. To develop this catalog we surveyed on average 30 venture capitalists each quarter from Q1 2004 to Q1 2009. We analyzed these 21 qualitative datasets, coding and categorizing more than 10,000 words of direct venture capitalists' communications. We found that VC communications fall into 14 dominant metaphor families (e.g. Darwinism, physics, religion, etc.). We contribute to the literature on venture capital by establishing a catalog of predominant VC metaphor families as an initial step toward a grounded cultural model of venture capital. This catalog may also provide further context for related studies on VC decision-making and an additional tool for stakeholders of the venture capital industry in better interpreting VC communications.