The modern consensus in venture capital around “founder-first” investing might seem logical on the surface. Much of the success in VC is attributed to generational founders like Mark Zuckerberg or Elon Musk. Thus, the mantra “venture is a game of jockeys, not horses” has become gospel in Silicon Valley, with firms eagerly courting the most charismatic and well-pedigreed founders. But, research suggests this convention is flawed, writes guest columnist Dan Gray.