I think it would be a very interesting business to be in - I think Id' be more interested in being a VC advisor, which I've done sporadically in the past. Get to be involved in interesting deals and get paid for it, without having the grind of keeping LPs happy.
Sure - there's not much to tell. I was one of the founders of a venture-backed startup that raised a couple of rounds of funding from a set of VCs. I had/have pretty good relationships with a few of those, plus some other connections that I'd made through that process. Every once in a while I get a call or an email from one of them asking my opinion about an industry, a technology, or a specific company. From there it could be anything from a quick phone call, to a chat with the startup in question, to a full due diligence of their business and technology. Usually I'm involved either at the very early stages, "We're interested in maybe making an investment or three in this category", or very late, "We want to invest in this company, can you take a look at their technology and tell us what you think?"
