Founders are Our Customers

September 2025

Matt Compton

Every company must decide who is their core customer. This decision drives strategy, product, go-to-market, and even organizational structure.  Here at Oregon Venture Fund, Founders are our core customers.

Many other venture funds privately wouldn’t agree and publicly don’t seem to act like founders are the customers. We feel this orientation needs to change. This isn't just a semantic shift; it's a complete reframing of how the best VCs approach founder interactions and relationships.

The Math Makes It Clear

Let's look at the numbers. The average $100 million early-stage venture fund will make 30 to 35 investments. If that fund is doing its job properly, it will transform that initial $100 million into $300 million over the course of seven to 10 years.

Not every company in that portfolio will succeed. That's the nature of venture investing. But here's what every VC needs to remember: there are a handful of founders in that portfolio who are going to make the fund's general partners millions of dollars, and their investors hundreds of millions of dollars.

Treat them as such.

But What About LPs?

I know what some of you are thinking: "Aren't investors our customers?" It's a fair question, and one we've debated extensively at our fund over the years.

Here's where we landed: we are partners with our investors.

What makes Oregon Venture Fund unique is that many of our investors are former entrepreneurs, CEOs, and leaders in their respective fields. They don't just write checks and wait for returns. They actively participate in our mission helping with diligence, providing customer introductions, and serving on our boards. These investors are true partners in our efforts to find, develop, and build the very best companies in our region.

Our institutional LPs share this partnership mentality as well. Yes, they want the absolute best returns, as they should. They're also attracted to our mission and strategy and expect us to deliver on both financial performance and regional impact. That's what partners do: they align on shared goals and work together to achieve them.

A Simple Test for Every Interaction

Here's my challenge to every VC reading this: The next time you're interacting with a founder, whether in a pitch meeting, at a conference, during a one-on-one, or in a board meeting, ask yourself this question:

How would I treat a customer who was potentially going to pay me millions of dollars over the next several years?

My guess is that you might change your tone, your focus, and your effort to serve.

The Ripple Effect

When VCs truly embrace founders as customers, everything changes. Pitch meetings become collaborative conversations rather than interrogations. Due diligence becomes thorough but respectful. Board meetings transform from oversight sessions into strategic discussions.

Most importantly, founders feel valued, supported, and empowered to build something extraordinary. And when founders succeed, everyone wins - the entrepreneurs, the VCs, the LPs, and the entire ecosystem.

The Bottom Line

Venture capital is ultimately a service business. We succeed when our founders succeed. We make money when they make money. We build reputations when they build great companies.

The next generation of successful investors won't just be those who can spot great opportunities. The most successful funds will be the ones who treat founders like the valuable customers they truly are.