Snip: "VCs have been extremely lazy in the last 10-15 years. They have been taking their big pay cheques home from very lazy LPs. And the probably really is LPs. They are not challenging their VCs enough. Most VCs walk around like they are Golden Gods. More than half of the VCs don’t return capital, and yet we think we are Gods. ... Lately, we have seen traditional VCs do a lot of things that don’t look like investing, including recruiting and business development. I would say that is a good development."
More here: http://yourstory.com/2013/11/dave-mcclure-500startups/
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