VC backed technology exits. Time to face the music.

This is typical of a stabilized industry. It has happened countless times. Railroads, petroleum exploration, airlines and now information technology.<p>VC will move to another industry: green tech, biotech, and nanotech. Web businesses should focus on more established trajectories that other industries adhere to. We'd be well served to stop listening to the VCs and start listening to the 37signals.<p>People keep coming to me with ideas and I say, "What's your strategy?" They say, "Get a lot of users, then get VC." I say, "No." They are often deeply offended, but I simply tell them, if aren't creating something of value that people are willing to pay for, your chances of survival are slim to none.

There is anothing thing common to all those companies. They are all PUBLIC.<p>Its true that the IPO market has been quiet lately, but it is waking up. And there is much more spending money there than in these 10 companie's accounts.

So 99% of the VCs in the world are totally screwed.