Interesting article on the future of VCs

From Cyril Demaria:
For the first time since 1978, there was no venture capital-backed IPO in the US during a quarter, making the second quarter of 2008 the worst on the EVCA records. This was attributed to the consequences of the liquidity crisis - but is this so? In October 2006, Steve Dow already launched a first statement which rippled through the venture capital sphere, by declaring that the venture capital model was 'broken'. Too much money chasing too few deals, not enough exits, no real perspectives of substantial profits on the short term: the diagnosis was severe, especially from this seasoned partner at Sevin Rosen. This was in fact the mark of a much needed revolution in the venture capital world [click here to read more].