>I think the VC model itself is a great development from the last century. The fact that someone can raise millions (more than most people earn in a lifetime!)

>I think the VC model itself is a great development from the last century. The fact that someone can raise millions (more than most people earn in a lifetime!) with an idea enables a lot of innovation that would be hard to nurture otherwise. I think this has actually backfired. Because with sufficient number fudging you can raise more that you would ever earn, we have a whole generation of companies that are built to look great on paper, and actually identifying and solving business pains in a profitable way is becoming a lost art. Once the gravy train of investment cash accumulated in the previous economic cycles stops, we might be in for a very painful correction.