Understanding what to invest in, how to fund it and how to exit are skills which are acquired by practice. There is no substitute.
Due diligence needs to be international too. If the intellectual property is not appropriately protected, and due diligence shows that the proposition has an international advantage then its potential may be compromised.
Funds need to ensure that they are capable of following their investments through to realisation. Returns timing and expectations need to match the time it takes to develop ideas to world class companies.