[hkmurakami]

The "winning" is in creating a successful company, and VC tries to pick those winners. Getting VC funding isn't "winning" at all, and the author seems to conflate those two together.

As a LP, I would actually think that my GPs have a fiduciary duty to fund companies started by their partners if they thought it is a great investment opportunity (and ultimately VC partners are only beholden to their LPs and their own performance. Goodwill and good faith are valuable for achieving that end, not in itself)

Also,

>Now, in the most competitive start-up environment in history, these founders no longer just have to worry about being beaten by other start-ups in their space. They have to worry about potential investors picking off their ideas and using them for personal gain.

You've always had to vet your investors like this. Nothing has really changed.