you're not a top VC firm - nobody is selling you Snapchat shares, so your argument is moot. if you want to invest in every startup looking for a seed investment

you're not a top VC firm - nobody is selling you Snapchat shares, so your argument is moot. if you want to invest in every startup looking for a seed investment, you are going to have to invest in a lot of them before one becomes the next snapchat. most VC funds have poor returns or even losses.