There are several academic studies of how Venture Capitalists add value to their portfolio companies through stage financing, portfolio approach (investing in a portfolio of companies in the same or related industries), active investment style with significant control rights, including the right to replace the management team, etc.

VCs are not only investors and funders, but also seem to be performing the role of management consultants.

I would like to hear your opinion about these and other mechanisms of Venture Capital investments as value-adding tools.