If you haven't seen this series of posts re venture capital by the Netscape founder, I recommend it highly:
Well-informed, crisp and to the point. (If you avoid the often inane comments, one of the reasons I seldom host them here.)
Compare my own earlier "No Exit" post for how some of the same processes look from the other side of the table. It's good to hear this from multiple points of view, and especially valuable to have it come up fresh periodically. More wisdom to spread around, and the same Old Farts don't have to bestir ourselves to write it again.