While some of this is overstated, directionally it is on point, but he ignores one very important factor: the customers. The LPs that provide most of the capita

While some of this is overstated, directionally it is on point, but he ignores one very important factor: the customers. The LPs that provide most of the capital to the VCs (pension funds and endowments) expect and want a certain product (2/20 funds run as partnerships, where each investment is attributed to one of the partners). Business models that deviate from this are not received well.