[tptacek]

This probably says less about Venture Capital as it is practiced today (or, say, a few years ago) by sophisticated investors and large funds/endowments that can plow money into VC simply to meet some asset allocation / correlated return metric.

But it does have, I think, a lot to tell us about the role of startups in the larger economy in the medium term. For instance, it adds important data to discussions about crowdfunding.

Read the Kauffman paper posted on this thread, too: familiar conclusions in much more detail.