Smart Company: Startups should stop genuflecting for private school-educated VCs

Leela writes for Smart Company on the dangers of worshipping VCs. ““An estimated $4.9 billion was invested into crypto startups in 2017. Studies now show that up to 78% of these were scams.” This backs what I’m always saying: venture capitalists don’t know shit about business.”

“My favourite movie genre is entrepreneurial true crime. Documentary or dramatised, I will watch every version you want to make about Fyre Festival, Nxivm, or WeWork.

I was recently watching Bitconned – a documentary about a crypto scam – and at the end, there was a panel that said:

“An estimated $4.9 billion was invested into crypto startups in 2017. Studies now show that up to 78% of these were scams.”

This backs what I’m always saying: venture capitalists don’t know shit about business. They couldn’t pick a successful venture if their lives depended on it.”

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