As a serial entrepreneur for the past 3 decades, and now transitioning to an active VC, I'm in a good position to be looking at the VC community with fresh eyes. I'm forming some ideas on where I think the VC world is going, where it should go to remain relevant, and where it must go to adapt its return models to changing conditions. I hope to post some of these ideas here in the next few months, in my COPIOUS free time. Stay tuned.
In the meantime, I highly recommend the works of Nassim Nicholas Taleb, especially his most recent book, The Black Swan, The Impact of the Highly Improbable. VCs don't work in a predictable world, but they do work in a world where the improbable can be used to their benefit.