When he finds out how unicorns work, he's going to be real mad.
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Ein mdq@ m
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It's also true that at reasonable scales large companies lack accountability as well. Maybe less notable there because we expect that sort of behavior?
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Turns out two thirds of taxes owed by small businesses go unpaid: https://fivethirtyeight.com/features/everyone-tries-to-dodge-the-tax-man-and-it-keeps-getting-easier/ … It's even worse for farms. Yet neither farmers nor small business owners are broadly criticized for this. Seems a lack of accountability is a universal problem.
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Having to make a profit is pretty constraining. You have to satisfy customers or you go out of business. With a startup, there's no intrinsic accountability. If you're a good scammer, the scam need never end. And seeming virtuous is easy when investors already want to believe it.
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wanted to see it. yup, it works. but the below seems better.
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Something to keep in mind when VCs talk: they always get paid. They're running hedge funds, which means they raise a pile of money from other people. They take 2% of that pile out every year and pocket it. Then they do some investing. 1/
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If they manage to make a profit overall, then they pocket 20% if that (30% if you're Andreesen-Horowitz) and return the rest to the people they borrowed the money from. 2/
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