99 Problems But Money Ain't One
Companies without VC funding also fail. They may fail at a higher rate than companies with VC funding.  I wouldn't be surprised if that was the case, because you have to be pretty good at whatever you do to raise a series A round.   So even if VCs didn't help the companies they funded at all, the companies they fund might do better than the ones they don't.Instead of simply assuming that one of two equally plausible alternatives is true, it would be useful if David tried looking at the world and trying to figure out which actually is true.  I'm not asking for a scientific study.  It would be a start just to find an industry where some participants are VC funded and some aren't, and then look at how they each fared.