What do VCs want from mobile games?

The economy might be heading to hell in a handcart, but VC firms are still keen to invest in mobile games companies - as this week's $10 million funding round for ngmoco shows.

So what are VC firms looking for when deciding who to fling cash at? Last August, Fishlabs said that VCs were avoiding any company reliant on mobile operators for the bulk of their income, for example.

Now a panel of VCs at VentureBeat's GamesBeat 2009 conference have given some more tips. Although there weren't any huge surprises.

"We're looking for what we're always looking for. We're looking for great companies with great leaders," said Benchmark Capital's Mitch Lasky - who was boss of Jamdat and then EA Mobile before heading to VC-land.

Tim Chang, from Norwest Partners - who chipped into ngmoco's new round - said his firm are "not investors in games, [but] investors in game market disruptions". 

And finally, Jeremy Law from Lightspeed Venture Partners said he's looking for a "genuine game factory" when considering investing in a developer or publisher - rather than "just one passion play".