VC in emerging markets (I come from one, and work with several) tend to be a bit different than that. cost of capital and uncertainty is much higher, so VC fund

VC in emerging markets (I come from one, and work with several) tend to be a bit different than that. cost of capital and uncertainty is much higher, so VC funds have to take a lot less risk, only betting in existing and proven business models. That's why you almost never see a really innovative startup from EMs, risk of an EM + risk of a new business model is just too high for most VCs.