I think at this point it's semantics. 'What do you mean broken?' I would classify your above comment as an explanation of how & why the model is problematic. I

I think at this point it's semantics. 'What do you mean broken?' I would classify your above comment as an explanation of how & why the model is problematic. I actually do agree that it's not the fee structure that's necessarily the problem. There's no reason that VCs should take 100% of the risk together with their investors.