Last year I spoke at a conference to an audience of VCs. During our discussion about VC commitment levels, one frustrated VC raised his hand and asked “how much do I have to commit to make my investors happy?” That question reveals the most common attitude I encounter among VCs; they don’t ask how much they can invest, but rather, how little. They seek a minimum, not a maximum. When it comes time to put their own money where their mouth is, there’s a surprising lack of both interest and capital. Investors are well served to pay greater attention to this phenomenon, and watch what VCs do, rather than listen only to what they say.