i3 not venture investing?

"i3 is not venture investing" --- Hmmm. We have been loving the way that the Investing in Innovation fund acknowledges the importance of evidence in innovations processes and linked different types of evidence to levels of funding. But there is another more pessimistic way to look at this: i3 is about what works rather than about what might work but we don't know yet. So says Tom Vanderark on his blog. What do you think?