There has been a lot of talk recently about the venture capital industry and how it has changed dramatically. The sense is that the mainstream firms really need a new model. Many responded by emphasizing angel-like investments, which required a whole new mindset. Angel-only firms seem to be a distinct breed. Case in point: First Round Capital, which according to Fortune, is one of the most successful angels out there. So successful in fact that it is now moving up the food chain. It wants to invest larger amounts and raise its first venture capital fund backed by $75 million to $100 million in institutional money. So this seems to confirm the theory that firms are better off with lots of little investments spread across the economic landscape rather than a few targeted bets.  

For more:
- here's the Fortune article 

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