Venture Capitalists that Fail

Silicon Beat has an interesting article on the failure of Worldview Technology Partners that provides some interesting insight into why venture firms fail. Especially interesting are the comments that discuss one of the firms general partners. I think understanding how venture capital firms work and why they fail is important for entrepreneurs that are trying to raise capital. I'm curious to know what the Worldview partners learned from their failure and what their perspectives on the roles of luck and gut instinct in venture investing success are now.