Some businesses are excellent, yet not very compatible with the kind of returns that venture…

Some businesses are excellent, yet not very compatible with the kind of returns that venture capitalists expect. Most text-centric media companies fall into this category.

Unless Ev Williams has found a silver bullet that will save both Medium and the media business — and I very much hope he has — it will be extremely difficult to make either Medium’s content or its publishing platform return the kind of money that his investors are looking for.

Mind you, both the content and the platform are excellent. It’s just that the type of business Medium is in is not, in my opinion, the kind of business that venture capital is made for.

I want Medium to succeed. I just don’t know how it could possibly deliver a 10x return on the $132M that investors have already put into it. However, I humbly admit that I know nothing about what’s happening behind the scenes or what Medium has planned, and I look forward to learning more.

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