Building excellence

I see four ways to build excellence in an investment organization, which is to build aggregate intelligence and experience:

A. within one sector or vertical, keeping stage flexible
B. within one sector or vertical, keeping stage fixed
C. across multiple sectors or verticals, keeping stage fixed
D. across multiple sectors or verticals, keeping stage flexible

Of the four - I see it much more effective to optimize on fixed sector or vertical AND stage (option B). The challenges of the others are:

A. This requires networks in upstream and downstream investors and the legal and operational expertise to add value given any stage
C. This requires operational expertise across sectors, which gets easier as you get later stage (the value-add is operational efficiency), harder for early stage (value-add is bigger universe of issues)
D. This has the combined difficulty of A and C.