[satvikpendem]

This is a good article on the ergodicity argument for VCs: https://news.ycombinator.com/item?id=37869760

Basically, VCs optimize for many small bets, ie investing in many, many companies where only one needs to hit it big in order to recoup the investment cost, while startups focus only on their own success, so it's in the VCs' best interest to sell the dream of working on or at a startup, thereby increasing VCs' own success without necessarily materially affecting the success of the startup itself.