Sorry but this argument is some combination of naive, inane and/or b.s. VCs are financial investors and their investors (the LPs like Kaufmann) who give them money are expecting a return. Discovery, social good, changing the world and other euphemisms don't cut it for them as that is not what they are sold. They are sold a story of high risk, high reward, and per these #s, that was not what was generated.

TL;DR: Until pension funds and endowments are happy to be compensated in rainbows and hugs, returns are the only thing that matter.