Daddy, how do “startups” work?

Well, Little Timmy, some prick convinces an even bigger prick to give them five million dollars that they themselves got from still bigger pricks to either piss it up the wall or become as big a prick as possible as quickly as possible themselves by riffing karaoke-style on a formula that extracts, exploits, and encloses.

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@aral That's one version. The other is that VCs deliberately create a shortage of successful stories to increase the narrative that unicorns make it for life, thereby guaranteeing that a) an eager stream of would-bes applies, and b) those that fail *owe* them another attempt and another until success.

VCs are selling the shovels at the gold rush.

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