This isn't actually a flaw in the theory. The theory is designed to measure whether the selection process is inaccurately predicting outcomes. So an unbiased se

This isn't actually a flaw in the theory. The theory is designed to measure whether the selection process is inaccurately predicting outcomes. So an unbiased selection process will account for post-selection factors - including the fact that VCs might not like a person. It's also worth noting that an unbiased prediction is not necessarily "fair" in the colloquial sense. For example, I've seen data suggesting that an unbiased prediction of college outcomes would actually penalize black applicants, since black applicants underperform relative to their SATs and college grades. (The person who had this data was very careful not to draw this conclusion in the publication - career limiting move, as they say.) So a fair selection process which looks only at high school grades/SAT/etc might actually be biased as a statistical decision procedure.