This is very wrong. VCs don’t control the game at all and their economics come from the few huge outcomes where founders also have a life changing outcome. Also, gambling has a negative expected value, while a good team starting a company has a positive expected value.
Startups are a high risk game but no one says you have to play it.
> [VC] economics come from the few huge outcomes where founders also have a life changing outcome. Also, gambling has a negative expected value,
VCs get more shots on goal, so the typical outcome of a VC could approach that of the average of the industry. (It doesn't, but that's for other reasons.)
Founders can't because they have too few shots on goal.
Suppose that I'll give you a 10% chance at $100k if you pay me $1k.
If you can take that offer "enough" times, you have reasonable odds of making 5-12x on your money.
However, if 100 people take that offer once each, around 90% of them will lose their $1k. (They should pool.)
Startups are a high risk game but no one says you have to play it.