The story of the day is the whopping $41 million in funding that was announced by Color, a startup that offers an iPhone and Android app enabling users to share photos with others within the immediate area. As my colleage Darrell Etherington notes, the fact that Color embraces a few of the hottest trends in mobile isn’t enough to ensure its success. I too doubt Color will catch fire, but I’m even more skeptical of the investment strategy of backing specific apps. Mobile apps are a quirky, hit-driven business where top sellers often come out of the blue and offerings that look like sure-fire smashes often fail to gain traction. I think it’s a great idea to invest in publishers and developers who truly understand mobile, but pouring a lot of cash into a single app is a very risky strategy.