Times are not good for the venture capital industry. A recent press release  from the National Venture Capital Association and Cambridge Associates explained that ten year returns for investments in venture capital funds were now negative.
While the decade-long trend of poor financial returns to limited partners is the headline grabber, the venture capital industry has witnessed a number of other changes over the last decade.
At a May 2010 workshop on venture capital at the Federal Reserve Bank of Cleveland, I made a presentation outlining some of the industry trends. Rather than write about what the presentation said, I’m posting it here.