Absolutely correct analysis of the Indie.vc experiment; to imagine that you can fix the integral challenges posed by the VC model with more VC is to try to solve a problem with an element of the problem. VC is optimized for one thing: to buy equities on the cheap and sell them at a profit.

Even on its own terms, VC is a failure as an industry: despite a portfolio approach, less than 1 in 5 VC funds return money better than an ETF.

Worse, the public trusts VC with providing the infrastructure for our future. We invest in VC through tax breaks on carry and capital gains, and receive extractive monopolies in return.

To build a better future we need to popularize a better alternative to VC.