Posted: Sunday 2 May 2010
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If the U.S. economy were a company, the VC industry would be the R&D department. The financing for the VC industry comes from so-called LPs (Limited Partners) - mostly university endowments, pension funds, family funds, and funds-of-funds.
These LPs wield tremendous power, yet very few of them understand how startups or venture capital actually works. I [...]