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JoachimSchipper comments on Who Wants To Start An Important Startup? - LessWrong
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The major value-add of professional VCs is that they are (should be) better at picking startups than most people. It's very much possible for 90% of startups to fail while VCs still make money. (For one, successful startups can use much more capital; and the rest of the money is supplied by unsophisticated founders.)
I was under the impression that VCs often had significant industry contacts that the fledgling company would then have access to, and that advice for founders is to not sign a deal with someone who is only offering money. (Of course, that advice given by a connected investor is self-serving, and should be taken with a grain of salt.)