Possibly one of the benefits of companies like Google being originally passed over by VCs meant they needed to (1) improve their business model and/or (2) improve how they communicated their value proposition.

As we're now seeing with some ICOs, with minimal barriers to entry and minimal infrastructure, the opportunity to (relatively) easily raise money with good communications and little else may have us reconsidering the value of VCs (or better screening tools) for Pre-ICO.