There has been much discussion in the past few years of the changing structure of the venture capital industry.
On the surface the narratives have been
- The rise of “micro VCs” or seed-stage funds
- The rise of alternative sources of capital (crowd funding and the like)
- The poor performance of the asset class (this analysis has largely been wrong as I pointed out here –> most analyses were clumsy rear-view mirror looks at the data)
- We are in a bubble (with so many private $1bn+ valuations)
