Venture Capital Investors Should Harpoon More Whales

By John Thornhill

It is easy to be rude about the venture capital industry. So here goes. The criticism runs that the VC sector is full of too many over-funded, ill-disciplined chancers who pass off hype for reality, groupthink for insight and luck for good judgment. What’s more, a staggering 95 per cent of VC firms fail to make a decent enough return to justify the risks their investors run. Yet it is hard to detect a blush as they extract extravagant management fees for mislaying their backers’ money. Well might Jim Clark, one of Netscape’s founders, describe venture capitalists as “velociraptors”, intelligent but rapacious dinosaurs.

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