[CamelCaseName]

The difference is in how much value must be added before VCs can sell their holdings onto the public.

Many ICOs give deep discounts to "partners" who may not have even spent anything, but are just used as an endorsement and social proof. Within days those partners will be dumping on others.

I suppose by definition VCs look very similar to ICO "partners", but the latter's due diligence will rest entirely on finding the greater fool, whereas the VC will seek to establish whether the team can actually deliver, product fit, etc.

Thats said, I'm sure there are a handful of exceptions to both VCs and ICO partners.