How embarrassing - VC over the past decade has simply been folks riding market beta, zirp and piggybacking on their friends deals. Maybe this market crunch will weed out the bad bunch but I’m not holding my breath.
VC didn't change. Their job is not to be judicious about investment. Their job is to invest in everything that might pay off, knowing that much of it will fail but even a single big win like finding the next Amazon will outweigh all the losses on the other investments.
