# The VC's Customer

By [AVC](https://paragraph.com/@avc-2) · 2023-02-27

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I saw Dan Primack assert that the venture capitalist’s customer is their limited partners in [this tweet](https://twitter.com/danprimack/status/1629510977401094145?s=20) about the Citizen app, the recap, and their VCs:

I DM’d Dan to let him know that is not the right way to think about the venture capital business.

Back in 2005, in the early days of this blog, I wrote [this post on the topic](https://avc.com/2005/11/the_vcs_custome/).

> _The entrepreneur is the customer and the LP is the shareholder. That’s the only way to think about the venture capital business that makes sense to me._

I encourage everyone to [read that post](https://avc.com/2005/11/the_vcs_custome/). It is one of the most important things I’ve written about the VC/founder relationship and I would not change a single word in it almost twenty years later.

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*Originally published on [AVC](https://paragraph.com/@avc-2/the-vc-s-customer)*