The problem with VC motivation

Venture Hacks: “The not-so-secret fact about venture capital is that it has not made serious money for 10 years now. That means many, if not most, venture capitalists have not seen a large carry check in a decade. For those who don’t know venture economics, the partners in a fund contribute the first 1-3% of a fund with their own cash, which means most of us write checks worth > $100,000 every year to our own funds, sometimes a lot more.”