There are so many VCs now, and all of them are looking for an edge. There is an obvious edge in building a term-sheet that creates a full ratchet for the employee stock option plan at 10%, where each employee earns points toward the total based on days worked, and 10-year exercise windows.

Then that VC needs to lead rounds and talk constantly about how the employees and companies they fund have the best chance of an equitable exit for all. How if you are not at one of their companies, you will almost definitely be screwed through dilution and bad founder actions.

YC took VC from shareholder focus to founder focus. The next YC will balance employee and founder interests in a way that delivers outsized outcomes the way that YC delivered outsized outcomes for shareholders by understanding that the founders were more important than getting an extra 1% or some other BS term in the deal.