The document discusses changes in the venture capital industry and argues that venture capital is still relevant. While some funding has shifted to later stages and "mega-rounds", traditional seed and venture capital remain important for building companies. The value created by private companies has increased as more stay private longer. This extends the opportunity for venture firms to capture upside. While time to liquidity has increased, the best venture funds can benefit from maintaining ownership stakes in companies through private exits. Overall, the document concludes that venture capital is not dead and may see even more opportunity in the future due to trends like increased internet adoption, faster connection speeds, and emerging technologies like 5G.