Not to be overly emotive, but honestly, fuck Sam Altman on this one.
If a person founds or cofounds a company worth >5million, they should become a millionaire and have lifetime financial security. The VC already in all likelihood already has lifetime financial security.
VC's bank on an 80-95% failure rate, so they are basically sacrificing lifetime financial security for 9/10 of their founders in order to increase the likelihood that 1/10 will be a bit more miserable and therefore work harder to increase the chance of a big exit.
If a person founds or cofounds a company worth >5million, they should become a millionaire and have lifetime financial security. The VC already in all likelihood already has lifetime financial security.
VC's bank on an 80-95% failure rate, so they are basically sacrificing lifetime financial security for 9/10 of their founders in order to increase the likelihood that 1/10 will be a bit more miserable and therefore work harder to increase the chance of a big exit.
fuck them, take financial security.