Interesting take. Surely, VC's have created some very large, profitable, innovative entities.

But I wonder if the nature of the industry is such that it attracts some moneyed folks who lack ethics and talent for business. To make up for that lack, they effectively "scam" investors.

Surely, there are some great VC partners who can identify unique talent and business opportunities. But there are probably more individuals who happened into the position from wealth (e.g. Ivy education, wealthy families) who lack both sufficient real world experience and business context.