When the top-rated venture capital firm says it “loves” to have university venturing units in their syndicates you have to wonder why more academic institutions are still debating whether to set one up or increase its size for those starting out.

The attractions for venture capitalists, such as Todd Cozzens, partner at Sequoia Capital, for having them is clear if they bring practical help to the portfolio companies, such as buying and testing its products and/or services, as well as…