No, Steve is saying ... material science, sensors, robotics, medical devices, life sciences, etc... VCs whose firms would have looked at these

No, Steve is saying ... material science, sensors, robotics, medical devices, life sciences, etc... VCs whose firms would have looked at these deals or invested in these sectors, are now only interested in whether it runs on a smart phone or tablet. Paul is saying that founders aren't coming to him with the former sort of startups.