I disagree, I think it's simply that the VC's are incompetent. They don't use data to make their judgements, relying instead on gut feelings. They don't have a

I disagree, I think it's simply that the VC's are incompetent. They don't use data to make their judgements, relying instead on gut feelings. They don't have a systematic procedure/checklist to make decisions, or even a systematic way for entrepreneurs to to see them. They don't even like to hire analysts as is common in the rest of banking. It's simply not a 'prefessional' industry yet. It's not the fault of individuals in the vc (they have to run fast just to keep up), just the industry hasn't had enough academics/software telling them to how to more reliably run their business.