> Since then it could be argued that VCs direction has changed to investing the 3rd party pooled money into businesses that are employing some novel technology

> Since then it could be argued that VCs direction has changed to investing the 3rd party pooled money into businesses that are employing some novel technology or processes. The information technology (IT) VCs are essentially hopeless at the crucial work of evaluating the "novel technology". The US DoD, NSF, NIH, and DARPA are quite good at such evaluations. > VCs typically have employees who are familiar with industries, business, and / or technologies to help identify candidate investments as well as to help said investments to flourish. For good exploitation of technology, what you are describing is not nearly good enough. The IT VCs need very much to up their game to whole new levels. They need, say, to be able to do or at least direct evaluations of anything that arrives in their e-mail in IT that might make a big pot of money, and they can't and won't do that.