Every business is defined by its customers — but it’s not always obvious who an organization’s customers really are. When it comes to VC firms, investors have historically and unsurprisingly viewed their limited partners (LPs) — the source of VCs’ funding — as their customers.

But in recent years, investors have begun to rethink this traditional mindset. In the early 2000s, some VCs began suggesting that the entrepreneurs in whom they invested were their true customers. Today, this narrative has grown increasingly widespread, with more and more VCs claiming that they view their founders (not their LPs) as the customer. READ MORE