Always On: Scott Rosenberg and Marc Canter on Valley VCs

On AlwaysOn: Are the VC’s funding Friendster entranced by the potential of social networking or looking to turn a quick buck?
Valley vet Marc Canter thinks the latter:
“…But what’s really going on here? GREED.
These guys don’t really know what’s going on – but what they DO know is that Kleiner, Perkins is in. That’s how the game works. Remember 3DO? Netscape? At NO TIME do these guys believe in social networking, Friendster or even the consumer internet.
They believe in John Doerr. They do what he tells them to do. This is where Scott’s got it right. It’s business as usual on Sand Hill Road. These guys have been sitting on $Billions of dollars$ in their funds and have had to give some of it back (heaven forbid!) So they desperately need another bubble. That and a Google IPO.”
Rosenberg’s post is here.