Common practice is often not the best practice. Whether you're an entrepreneur or investor, ask yourself "how else could I do it?"
Investors often tell themselves to stay focused a criteria. However there is a difference between staying focused and being rigid/non responsive to changing circumstances. What's more important is understanding your core purpose (9/10 times that's making money) and sticking to that. Whatever else happens should serve that purpose - especially in a world where technology and markets evolve fast.
You may disagree. Investment managers or corporate venture partners are hired to do a specific thing, and venturing outside of that checklist can be irresponsible.
Investment strategies can often be based on structures and procedures as they are built on a framework that has proven to work. It's more secure; hence the majority follow it. However, most of the time it's not the only way or the best way. A normal thing for an early-stage VC firm is to invest in small start-up. Union Square Ventures, however, stuck to the principle ( which is to invest in what has a pathway to profitability), but invested in an established public company. Simply because it was a good opportunity.
There's nothing wrong with constantly iterating on the "how". It's healthy.
Opportunity doesn’t care about your background, your strategy, or your expertise. It comes and goes whenever it pleases, wherever it wants. Opportunity tends to reside where competition isn’t, so it’s more likely to live outside of people’s traditional hunting grounds. Accepting that intelligence is not an automatic magnet for opportunity is the first step toward fishing in a larger pond than you might be used to.