A VC responds to Joel Spolsky’s ChangeThis Manifesto piece titled Fixing Venture Capital and looks at three criticisms of VCs:

• VCs only want 100 to 1 returns and are willing to risk
  everything to get them while entrepreneurs want a safe high probability
  bet.
• VCs are so inundated with business plans that they become focused
  on the process of whittling down opportunities instead of finding the
  best opportunities.
• The "standard VC deal" is unfair to entrepreneurs and smart ones won’t take it.