What is "spray and pray" in VC investing?

Venture capitalists use various approaches in their investment decisions. “Spray and pray” is one such approach that, investors believe, was quite common in last year’s funding frenzy. In this method, VCs make more investments with less ownership per investment without performing enough diligence. For example, if a large VC fund usually aims to own up to 20 percent of each portfolio company across maybe 30 investments in a fund, in the spray and pray approach, it can own five percent of about 120 investments instead, in the same size fund. Once it finds winners from the lot, it can then place follow-on bets into those ventures.