I can't believe I'm about to defend VCs and "senior management" but here goes.
I've worked for two start-ups in my life.
The first start-up had dog-shit technology (initially) and top-notch management. CEO told me early on that VCs invest on the quality of management because they trust good senior executives to hire good researchers and let them pivot into profitable areas (and pivoting is almost always needed).
I thought the CEO was full of shit and simply patting himself on the back. Company pivoted HARD and IPOed around 2006 and now has a MC of ~ $10 billion.
The second start-up I worked with was founded by a Nobel laureate and the tech was based on his research. This time management was dog-shit. Management fumbled the tech and went out of business.
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Not saying Altman deserves uncritical praise. All I'm saying is that I used to diminish the importance of quality senior leadership.
A great analogy can be found on basketball teams. Lots of star players who should succeed sans any coach, but Phil Jackson and Coach K have shown time and again the important role leadership plays.
I could not convince them that this was actually evidence in favor of Coach K being an exceptional coach.