This article from GigaOM reminded me of many discussions we've had internally. A panel of VC's were asked how many of them were actually using cloud based services to run their own businesses. Very few of them raised their hands, although I bet all of them said they were investing in the space. I would presume this is the case in regards to many firms as well as the many sectors they say they are investing in.
For example, are all the Cleantech guys driving a Prius? I'd bet money that the majority actually have gas guzzlers in their garages. At the same time, the case is the same within my partnership. We don't use all of the technology we look at. You can't possibly implement it all no matter how cutting edge you are. I believe someone who is a good example of "eating their own dogfood" though is Fred Wilson of AVC fame. He seems to really go full bore into the tech he supports. Just look at the extent of his blogging and twittering, all tech he is invested in. At the other end of the spectrum, you have the players in the space who don't have a Facebook account, never bought or sold anything on eBay, don't understand Twitter nor do much more than read and write emails.
I guess we're somewhere in between. We have some cloud based services which we use to run our business but we also have our own Exchange server and Microsoft products on our desktops. I presume you need to find a happy medium. If it were up to me, internally we'd go fully into the cloud. My partners, being of another generation, simply can't imagine doing that. At the same time, you can't chase every tech development. It otherwise all becomes a blur. So, is it unfair to say VC's "don't eat their own dogfood." I think so since most of us are using the tech we invest in as much as possible within the restrictions of our partnerships. Yet, I'd be quite concerned to deal with a VC who isn't testing ANY of the new innovations out there where they are putting their money to work.