VC Model Broken?

Adeo Ressi of TheFunded arguing that the VC Industry is broken.

TheFunded - Canarie

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Solving a wrong problem

Solving a problem is a great thing to do,especially if you are starting a business, but what about solving a wrong problem,one which doesn't exist in the first place, It might be a foolish thing to do if people are never gonna encounter that problem even in the future,right? What might be a real classic situation is the cost of solving that wrong problem is big.

What could one do to avoid this kinda situation?
People say you should not waste time on surveying and evaluating the market,very true,but at least one could/should always ask his friends,if the problem you are solving is not yours and not of your friends, there are great chances that it is not a problem at all.So whenever you start working on that great idea or set out solving that problem,do find out if it's a real problem.