Venture capital is a hits business. By “hits,” I don’t mean singles and doubles; I mean chart-topping smashes that rake in royalties for decades to come. The investment thesis: For every 10 ideas, one or two will blossom into a Google or eBay–more than making up for the laggards and flops.

Seven years after the tech wreck, investors are again mustering the courage to play this high-stakes game. In the first quarter of 2007, VCs raised $1.2 billion, twice as much as they did during the same period a year ago, estimates research firm VentureOne. Meanwhile, 13 venture-backed companies sold shares to the public–nearly all of them in the information technology and health care sectors.

Of course, partners in these funds want to get paid for taking on such huge risks. And for cash-hungry entrepreneurs, the terms can be dear. Too dear, in my estimation.

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