[nigekelly]

There is severe bias in this study. Are entrepreneurs going to really come out and say what they really think? After all they need the money.

Why weren't the institutional investors/LPs surveyed to see what they think of VC/GP value add? I think this would be more telling about who the good/bad VCs are ..... who's bringing home the bacon across the board consistently. A bad VC may do well with one investment, get great feedback from that founder but yet destroy investor capital on all other investments..... meaning the LPs are down on the money they put in.

The Kauffman foundation produced a great study of return performance from VC/GPs back to LPs several years ago. The conclusion was that investing in VCs produced very poor returns. The Russell 2000 index was a superior investment alternative.