[ojbyrne]

Scoble writes like Steve Gillmor with smaller words. I'm not sure what the point of this article is. The whole point of Venture Capital is to invest in small companies and grow them to a point where they can raise more money through other means - typically IPOs or acquisition. That they're failing badly is more about the US economy than some "VC disease."

So I guess what he wants is for investors to invest bucket loads of money for decades on promises and hot air. Or he wants someone to subsidize iphone usage...

My favorite part, though, is when he starts touting long dead products (Visicalc, Pagemaker) as examples of the kind of success that comes from a long term perspective.