Underscore VC has rewritten venture capital economics by allocating 10% of GP profits to its Core Partner program, financially rewarding thousands of curated operators who are embedded directly into diligence, customer validation, and hiring for portfolio companies in a way that's completely non-dilutive to founders. The firm engineered a rare multi-generational leadership transition by explicitly designing itself to outlast its founding partners, culminating in a planned handoff to a team of former operators led by Lily Lyman.