Slightly related is how it is mathematically impossible for VC to develop that "99 duds, one win" mindset that dominates SV when wins are not expected to become

Slightly related is how it is mathematically impossible for VC to develop that "99 duds, one win" mindset that dominates SV when wins are not expected to become big enough to compensate that many losses. High failure rate VC cannot exist without robber-baron style exploitation of the occasional victory. Only bootstrappers are free to be modest.