I wasn't aware of these facts. It seems VCs do have value-add. I also found out today that Theranos' law firm was not a Silicon Valley law firm. They used a

I wasn't aware of these facts. It seems VCs do have value-add. I also found out today that Theranos' law firm was not a Silicon Valley law firm. They used a firm called Boies Schiller, which apparently is a firm famous for political connections and high stakes commercial litigation. They weren't really familiar with venture capital and startups it seems, and they facilitated a massive fraud ... either wittingly or unwittingly.