The venture capital industry is esoteric. From the fund management angle, the norms for operating decisions, the manner of remuneration of fund managers, issues of accountability, penalty (or its absence for non-performance) and incentive for performance are all obscure. In choosing funds to invest in, there is an element of uncertainty in decision-making because intuition and subjectivity dominate. These aspects need to be analysed, and eliminated to the extent possible to make these more predictable to enable evaluation.
