O'Reilly Media recently published Irene Au's excellent summary on the current state of Design in Venture Capital: How Design Drives Investment and Company Success.

She does a wonderful job breaking down the role, its challenges, and then supports it all with insightful interviews from some of the design field's heavy-hitters.

I imagine that this is only the beginning of us (designers) having a more prominent role in VC firms as the success of products hinges more and more on the quality of their overall design.

Basically essential reading for anyone interested in this type of opportunity (and it's a free eBook!) 

Marc