Over the past decade, the venture capital (VC) industry became a magnet for college graduates and MBAs eager to discover the next big success story, akin to Airbnb or Uber. Ambitious individuals combed through online job postings, while the more astute networked their way into coveted positions, all fueled by the dream of becoming the next Michael Moritz. The allure of the industry, combined with the promise of high rewards, drew a flood of new talent, each believing that relentless effort and strategic networking would lead them to the top.
However, in the last two years, this fervor has waned. Investors at all levels, from analysts to partners, are increasingly disillusioned and frustrated. The VC industry, once glamorous in 2021 and 2022, has lost its sheen as the economic landscape shifts. The influx of money during the zero-interest rate years, especially during the pandemic, led to a surge in VC activity. Existing firms expanded their focus, new firms emerged, and even private equity and hedge funds ventured into the space. Corporations, flush with cash from record profits, sought strategic investments, further fueling the boom. But now, as the tide turns, the once booming sector faces a reality check.
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