I think that's exactly the criticism. They are good at raising money that will be thrown away because it is acceptable to choose the technically incompetent to

I think that's exactly the criticism. They are good at raising money that will be thrown away because it is acceptable to choose the technically incompetent to run a company and hope technical people they hire will somehow steer them from bellow. Even if they have good market timing they usually eventually stop listening to anyone competent in the skills the company requires and start jumping techs as quickly as possible to keep their hiring and excuse generating skills as priorities for the CEO.