My biggest objection is the "approved VC" rule. Being from Washington DC, if I were to create a startup and get funding, am I on the approved list? I doubt they would have heard of the VCs out here (I don't know of many tech VCs).
Seems like it will be really easy for them just to pick big names, change/bend the rules for them to ensure they make a lot of money. It is good for their bottom line but bad for most out there.
Or you should just email them and state your case regardless of if you're on the list or not. Remember they are human beings on the receiving end of that email. I doubt they are getting swarmed by emails and wouldn't mind hearing from you. The worst thing that happens is they say no or ignore you and that's that.
Seems like it will be really easy for them just to pick big names, change/bend the rules for them to ensure they make a lot of money. It is good for their bottom line but bad for most out there.