Companies have used marketing campaigns to reach customers ever since the first product or service was sold to the public. But unlike most businesses, venture capital firms have traditionally been loath to tout their funds or disclose their financials to the media or general public, instead preferring to operate under levels of secrecy more akin to the CIA than a typical business.
In recent years, many VC firms have become more like traditional businesses (at least in some respects), hiring marketing and public relations workers to tell their story, promote their funds, and counteract any negative press or comments on social media. This sea change is occurring because the number of venture capital firms has declined in recent years, and a smaller group of firms is trying to raise funds from investors. Additionally, the New York Times reports that the best entrepreneurs are courted by the venture capitalists, not the other way around…the most promising entrepreneurs do careful due diligence—on Twitter, in blogs, and in the media—before agreeing to take coffee with a venture capitalist.”