Austin-based FluidInnovation is at DEMOfall this week launching the first virtual game that lets players act as venture capitalists to predict the success or failure of real technologies. The team has been working incredibly hard to prepare for the launch of the product tomorrow when CEO Chris McKinzie and DEMO veteran Paulo Vieira take the stage.

The Virtual Ventures game can certainly be entertaining for people interested in technology, but it’s also a great companion to the company’s existing IP licensing system. Fluid’s core business is to help large enterprises turn their IP assets into revenue, as we reported back in June.

Last week the company announced it’s board of advisors, including John Butler, director of the IC2 Institute at the University of Texas, John Ferrell of Carr & Ferrell, Shawn Rosenzweig, and Greg Stock, the CEO of Mirage Networks.

Fluid’s profile on the DEMO site is here, and the video should be on that page soon. ZDNet had a nice little write-up today.

Update: Bang Ventures launched their own "You Be The VC" competition this week. You can watch Mark Modzelewski talk about it on the Squawk Box courtesy of YouTube here.