Depending on the capitalist's position in a venture firm, common functions can include analyzing investment opportunities, working with management teams, attending board meetings, working on liquidations and exit strategies, performing industry research, working with limited partners, fundraising, and general fund administration. Identifying investment opportunities is an ongoing task and is the most common function of any venture capitalist. Without deal flow, the money in one's fund becomes meaningless. Fundraising, on the other hand, is one of the most time-consuming and least productive functions in venture capitalism, though one of the most important. It requires significant time, travel, and resources, and it can take months, if not years, to complete. Working with management teams is very common, of course, but not for all investors. Typically, value-add investors will spend lots of time with management. However, there are many firms that only invest, sit on the sidelines, and never spend a minute with management until it is time to sell the company. Therefore, I feel that identifying investment opportunities is generally the most common task amongst venture capitalists, with management following thereafter for value-add investors. How the various functions of a venture capitalist are weighed largely depends on whether one acts as an active or passive investor. The more value-add services one provides, the more time one will undoubtedly spend helping management teams and portfolio companies grow and prosper. Funk Ventures is a value-add investor. One of my biggest investments of time, therefore, and one of the things I am most passionate about is helping our portfolio companies grow and working closely with our management teams to implement, monitor, and perfect their business plans. Primary Strategies The strategies a venture capital fund uses vary widely, depending on the fund, its portfolio, and the general market situation. Focus, fund 22