ZERO TO FOUR

How VCs Evolve From Fund to Firm, and From Firm to Franchise

A Kauffman Fellows Study | April 2026


A few VC firms have built successful franchises, while most have failed. Why? To find out, we studied the evolution of VC firms deploying from Fund IV+. Beyond generating great returns, the firms that made the jump from emerging to established and from established to franchise share five traits.

Download the study to explore the five unique characteristics of successful VCs.