I disagree. The VC is there for profit because they expect the 1 win to overshoot the loss from the other 9. They expect potential for profit in all the vent

I disagree. The VC is there for profit because they expect the 1 win to overshoot the loss from the other 9. They expect potential for profit in all the ventures they invest. Period. And they put forth capital in the amount representative of their belief that a particular venture will turn a profit. Those they believe have more potential will receive more funding/resources than those ventures that seem less favorable. They are not, as you put it, performing in a patronage system, because simply they are not interested in losing their capital.