Business Week Online takes a look at the VC industry [1], and notes there are some bright spots but also some "disturbing trends."  Consider exit IPOs. While the market is hot, the offerings are from "one-off companies that were founded years ago and have slogged away at building solid businesses for a half-decade or more." Now, there are those who would argue that's how it was always meant to be. There are a lot of funds still available without IPOs which are about as rewarding as the original investors than financing growth. Innovation is hard but I do not think frontier industries are going without funds or exit opportunities. True, the bar has been raised, but that's a good thing.  

For more:
- here's the Business Week Online article [2]