[wastedhours]

As much as I appreciate that's the VC model, perhaps less would fail if VCs didn't push for billions in revenue? The failure rate might be less than 9/10 if it wasn't "all or nothing"? Guessing it still wouldn't make enough home runs as an investment vehicle though?

[sharemywin]

The problem is the fund size. when you have make a good return on 100m you need something that will eventually get there.

[Joboman555]

Failure rate doesn't matter. 99% failure * 1B > 90% failure * 1M

[CryoLogic]

That's assuming 90% failure when looking for sustainable businesses. There are some upcoming VC's which are doing well funding smaller companies. Momentum Ventures is one I know of.