The number of venture capital funds has declined precipitously – it’s down nearly 50% from its peak, says David Brophy, venture capital expert and Associate Professor of Finance at the University of Michigan’s Ross School of Business – and deals have been slow this year. Says Brophy, “Partners are pulling back because they don’t trust the future – nobody does the moment – and venture capital is a big bet on the future.” So, with Facebook’s ill-fated IPO, does that mean another dot-com bubble is about to burst?

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