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. Venture capital trends presentation (PDF) Hopefully some of you will read it and comment. I'm interested to hear what others have to say about the trends.