Oh, totally: the VCs were smart enough to see that Google was different enough that both KPCB and Sequoia went in 50/50 on the first $25MM round. And Google ha

Oh, totally: the VCs were smart enough to see that Google was different enough that both KPCB and Sequoia went in 50/50 on the first $25MM round. And Google had a totally failed monetization strategy (their intranet search appliances, of which they sold a single one, to RedHat) before Sergey and Larry capitulated to allow advertising on SERPs. Google needed the VC money to survive until AdWords finally delivered a coherent monetization strategy. It's a little sad that someone with so much good analysis of the NVCA's overreaching had to throw in a jab so easily refutable.