Art by Mike Sullivan

The End of Venture Capital as We Know It

Photo: Art by Mike Sullivan

All signs seem to indicate that by 2022, for the first time, nontraditional tech investors—including hedge funds, mutual funds and the like—will invest more in private tech companies than traditional Silicon Valley–style venture capitalists will.

Many people are quick to write this off as a momentary blip where extremely cheap money and the global search for returns are awkwardly pushing all investors toward the private innovation markets; however, that read misses the main point.

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Art by Clark Miller.
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