Polluted by people with money posing as smart money managers.
They are not intentionally trying to deceive anyone, they just don't belong in the industry.
Many new venture funds were started by smart engineers, marketers or business professionals that provided tremendous value to successful public and private companies. They understandably took that money and wanted to put it to work to help other entrepreneurs succeed. Don't get me wrong, some have done very well.. but many more have failed miserably.
The challenge is that Venture Capital and what it was meant for has been changed and the definition of "technology" is now associated more with websites than actual technology like data infrastructure, microchips and operating platforms.
Venture Capital was meant for businesses that require significant capital to build infrastructure, create real intellectual property or acquire tangible assets with quantifiable value.
Best intentions aside, what does this really mean for the industry?