> It's amazing most of the VC's have not worked out a better filtering algorithm themselves. Why should they? Venture capital is a compensation structure disgu

> It's amazing most of the VC's have not worked out a better filtering algorithm themselves. Why should they? Venture capital is a compensation structure disguised as an asset class. GPs lock in 10+ years of 2% annual fees on the capital their LPs commit to their funds. A few years into an initial fund, they can raise another, larger fund, locking in 10+ years of 2% annual fees on the capital committed to that fund. There's virtually no incentive to do anything innovative or stray too far from the herd.