Hans’ message to fellow investors is simple—and counterintuitive:
“Venture capital isn’t about picking winners. It’s about avoiding mistakes.”
— Hans Dellenbach, CFA, Partner & CFO, Emerald
We’re not in the business of predicting the future.
We’re in the business of asking the right questions.
- Is the product-market fit truly validated?
- Is the customer value proposition clear—and financially sound?
- Is the team equipped to navigate this industry?
- Can we see a viable path to return?
When we don’t get conviction-level answers, we pass.
Not because the founder’s dream isn’t compelling—but because capital discipline matters.
As Hans puts it, strong portfolio performance isn’t driven by finding unicorns. It’s about building a resilient portfolio where the majority of companies return capital—or better. And where failure is the exception, not the norm.
More on VC best practice at Emerald:
Emerald part of VC trend driving European innovation