Negative returns, venture capital fund raising down $30 billion, number of future firms closing funds down by over 500, few IPOs, SOX, exits only to strategic buyers, exit values down, no big technology shift creating innovative growth opportunities. John Jannarone of The Wall Street Journal does a pretty good job of summing up the state of venture capital.

At a macro level there is going to be a smaller VC asset class.  At a micro level deals will be done.  Less me too, more revenue traction.  Entrepreneurs will have to find ways to get there.