Check out Matt's most recent post on SandHill.com. Here's an excerpt:
We may be best-served to return to the old days of venture capital with smaller funds, earlier stages, smaller investments and more hands-on VCs. At a time when companies are more capital-efficient than ever, some firms have become too large to make appropriately modest investments. Their model can force the GP to invest too much money at each deal and sit on too many boards to truly add value.