The venture capital landscape is crazy right now. The power definitely resides with the startups. There is more money than good ideas to invest in.
Here is what some VCs do to stand out and attract the great startups to them:
1. They put out great content
First Round Capital is the winner here. They offer the startup community so many thoughtful pieces that provide insight and ideas for strategy.
2. Create a product that startups are glued to
Hacker News played a critical role in YCombinator's success.