Where's Venture Capital Headed

After a very difficult three years in the venture capital industry, signs of improvement are finally emerging. Yet most VC industry-watchers agree there are still too many startups, too many VC firms, and too much capital waiting to be invested. History and common sense suggest the industry is due for a major shake-up. Some argue that the impending crunch will bring new blood and a more democratic process to a clubby, clique industry. A new report by Focus Ventures believe that, for better or worse, just the opposite will happen.