For it to be a competitive "moat" (a forbidding competitive advantage), don't they have to be making money? As an asset class, venture capital has comparatively pitiful performance.
The top VCs --- the ones that actually generate reliable market-beating returns --- certainly have a "moat": the best dealflow. But that's unrelated to the snark from the comment upthread.
The top VCs --- the ones that actually generate reliable market-beating returns --- certainly have a "moat": the best dealflow. But that's unrelated to the snark from the comment upthread.