So far, the fund has made fairly early-stage investments — smaller amounts, but with a much greater risk factor. Throwing $1 million at a three-dude “company” that barely has a working product together is cheap (by Google’s standards), but the odds of success are slim, something like 18 percent for first-time entrepreneurs. Throwing $100 million at a proven winner like Instagram is a much surer bet that you, the investor, will get your money back.

Larry would rather see a smoking crater in the ground than a mediocre result.

Joe Kraus, partner,

Google Ventures

“It’s really easy to find Series A and Series B companies that are already on a path to success, then you invest in them and double down,” said Rose. ”The most exciting thing to me is when it’s just in the wireframe stage. It’s just a seed of an idea, and it’s the boldest thing you can do in investing.”

In those late-stage investments, there’s nothing to build, nothing really to grow. You toss money on an already racing horse that’s several lengths ahead, and you let momentum do its job. A few months or years later, you get a check in the mail. And where’s the fun in that? I don’t think Kraus, Rose, or anyone else on the Google Ventures team would find it to be much fun at all.

Much as I hate to call bullshit on Google Ventures because friends of mine work there, I need to ask because this article was devoid of examples.

WHAT GUTSY INVESTMENT HAS GOOGLE VENTURES EVER MADE???

On the other hand I know Joe Kraus has made gutsy investments in the past because he invested in me in the past.

It doesn't get any gutsier than that. ;)