Hi Irwin. If you'd like to get t straight from the preverbial "horses mouth," take a look at the fireside I did last night with Scott Kupor, VC, managing partner and COO of Andreessen Horowitz, probably the most sought after VC (on the West coast, at least). I think you will get some good perspective. http://livestream.com/pemo/scottkupor
Also take a look at my fireside a couple of months ago with Ann Miura-Ko, cofounder and VC of Floodgate ventures, a very highly sought after early stage VC. http://accesssiliconvalley.net/fireside-chat-unleashed-with-an-investing-ninja-assasin-ann-miura-ko-vc-floodgate-ventures/
And lastly, I havent posted it on Access Silicon Valley, but the fireside I did last month with Steve Goldberg, of Ventock. Lots of good takeaways, particularly where Steve talks about looking for startups whose customers are "bleeding from the neck!!" https://www.youtube.com/watch?v=jYj1znSHZeg
Hope you get some good info that helps answer your question.