What do people working at VC firms (as opposed to partners at VC firms) make? I don't think anywhere near enough to make paying a couple of hundred dollars per week just for showing up late negligible.
E.g, http://www.wallstreetoasis.com/salary/venture-capital-compen... lists 'analysts' and 'associates' at between 80 and 250k. Not the kind of money to light cigars with 20 dollar bills (certainly not in NYC).
The key point is to cause pain.
A fine high enough to hurt financially the person breaking the rules is one option (that's what governments usually do). Other good option is public embarrassment. I used the $1 fine for people late to meetings, but we also counted the number of times each one was fined, so there was an extra incentive to avoid.
Be careful the 'fine' (preventative) does not become a 'charge' (entitlement).
"I've paid my dollar, so what if I'm late?" (As mentioned in that pop-economics book about the parents and the nursery.)
A fine that was high enough to cause financial harm would surely have other unanticipated effects.