Paid to have an office in the VC firm and sit in on pitch meetings with new companies. May help bring new deals to the partners. May have his or her own compani

Paid to have an office in the VC firm and sit in on pitch meetings with new companies. May help bring new deals to the partners. May have his or her own companies that may or may not be funded by the VC in question. The local state owned biotech investment fund calls them "Executives in Residence" which I think is really funny. http://en.wikipedia.org/wiki/Entrepreneur_In_Residence http://en.wikipedia.org/wiki/Entrepreneur_In_Residence