A really opinionated and honest opinion on the Web3 VCs and crypto fundraising

The author, who says they have spent 20 years in the industry, argues that crypto VCs select fund managers and founders based on conformity to a narrow stereotype rather than ability. Citing a post by @CryptoHayes, the article claims that institutional allocators such as endowments, pension funds and sovereign wealth funds must invest in "qualified" managers from elite universities and large banks or big tech firms, so allocators minimize career risk by backing familiar profiles. The same logic is said to extend to founders, who must match a set CV and be located near the VC, with Silicon Valley VCs investing only in Bay Area companies. The article also asserts that crypto founders had to change to win VC money after the ICO bubble burst.