> […] Venture capital still relies heavily on referrals. “Show me another industry where the way you find your customers is to wait for your friends to introduc

> […] Venture capital still relies heavily on referrals. “Show me another industry where the way you find your customers is to wait for your friends to introduce them to you,” Mr. Bahat said. The deep irony of the consumer-focused venture industry—for all its talk of technology and transparency—is that it still operates with the shrouded obscurantism of a medieval guild.