Yes, there are some VCs with entrepreneurs-in-residence that will sometimes actively engage in this kind of situation if the idea is good enough. Good enough concerning the propensity to generate venture style-returns from the innovation in question.
But such an arrangement is not usual or preferred as VCs are not operators and are measured by money-in and money-out return profiles. Not in the least because as an entrepreneur you should be able to build your own company, for an idea without execution is worth nothing.
