Leaderless Rounds and the Problem of Weasel.vc

One of the quote-unquote negative characteristics of the New York City tech ecosystem that I talked about a few weeks ago is the lack of VCs who will take the lead role in a fundraise. From my count, there is somewhere between 200-300 active VC firms in New York (yes, there is something of that size in the city today — crazy really), only maybe 6-12 are fully comfortable taking the lead in a fundraise.

Why is this? The answer is actually a mix of resources and weird incentives that are not unique to NYC, but that seem to have hit so many firms simultaneously here that it has become the de facto norm.

To illustrate this, let's take a hypothetical $20 million seed fund which

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