This document discusses the evolution of venture capital and startups, enabled by new technologies and business models. Specifically: 1. Lower costs and online platforms have lowered barriers to building products and acquiring customers. 2. Successful startups are using metrics and iterative development to quickly validate products and business models. 3. Incubators and accelerators are making many small bets to identify the few startups that succeed, through mentoring and collaborative environments. 4. Venture capital is also making many small bets through incremental funding, focusing on validating products, markets, and revenue before larger investments. 5. Global trends are creating new opportunities for startups to reach global audiences and expand internationally.