[felipe]

Although you are correct in your assertion that Fairchild was basically the "mother" of VC, that does not invalidates the OP's point. Take this example: Do you know any VC firm today that would invest in a company like Apple, ran by a smelly barefoot hippie followed by two other nerds holding some weird circuitry machines?

Mike Markkula did, and that's the classic story of VC as in Venture Capital: He provided critical funding in a very risky business attached to also very specific conditions (part of the funding was a loan, for example), and in exchange he asked for a high return.

What we have today is NOT venture funding: We have funding without risk. And that's the OP's point.

[dakrisht]

Some great comments from everyone here. Glad to see an intellectual and factual discussion on HN vs. the usual flaming someone or something!

We need more VC's like Mike Markkula today, no doubt.

[grinich]

There's still a bit of civil discourse left in HN. :P

Both Founders Fund and DFJ seem to take larger bets. I wouldn't count on AngelList to fund the next Fairchild.