> I'm equally in awe when they get capital and VC's don't notice this either VCs invest other people's money (Limited partners) and get paid fees based on the

> I'm equally in awe when they get capital and VC's don't notice this either VCs invest other people's money (Limited partners) and get paid fees based on the size of their fund. VCs also get paid when they hit a homerun, but it's much easier for a VC to double how much they invest (and double their fees in the process) than to double the ROI by making more intelligent bets. The bigger the checks they write the more they make. VSs don't want to to get blamed for making dumb investments, as that would interfere with their ability to raise money from LPs in the future. That's why they want another firm to take the lead in any investment round. The incentive structure guarantees that VCs make terrible investments and have very little accountability.