What this teaches
Johnson's much-debated argument that the warm-intro requirement is not just exclusionary but bad investing: it selects for network proximity over merit, and firms serious about returns should build open top-of-funnel instead.
Why it matters
The strongest published counterargument to the most repeated piece of fundraising advice ('get a warm intro').
Key lessons
- Warm intros measure network access, not company quality
- Some funds do read cold inbound; target those if you lack networks
- Understanding gatekeeping helps you route around it deliberately
Notable quotes
“Success in our industry often isn't a matter of merit at all, it's a matter of network.”Del Johnson, MediumRead the original Ban Warm Introductions! Del Johnson · medium.com
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