I would say that the truth is probably somewhere in the middle.No doubt, whatsoever. Private Venture firms, are not at all interested in the employee base of the companies they get involved with. For many of these firms, it is essentially one step away from a hostile take-over. They don't just "invest" passively and then walk away. They want management control of the entity and they typically make radical decisions with respect to who stays on board and who goes home packing. They will pack your bags for you and send you to the front door with a pink slip in a heartbeat, if you don't fit their agenda.
That's definitely not the Employee Friendly picture that Mitt, has been rolling around the country, painting for himself. Do they help to financial rescue some of the entities they get involved with? Sure, no doubt - 100% true. Others would say that they prey on the weak, pump the company's stock profile on the street and then Dump & Run. There's money in that kind of deal too, but it does not speak to one's abundance of integrity, no doubt.
If Romney, was involved in true (pure) Venture Capital deals from the ground-up (start-ups, incubators, first/second round funding, etc.), then that is truly Entrepreneurial and that is one of the purest forms of sincere risk taking. But, if he was involved in what I call Vulture Capital, then that's a horse of another color, entirely.