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- VC firms will raise less than $200 billion in 2024, a 48% drop from the industry's peak in 2021.
- Firms are downsizing and slowing promotions, frustrating younger investors.
- Fierce competition for deals has worsened the daily grind and intensified office politics.
As venture capital boomed over the past decade, college graduates and MBAs flocked to the industry, hoping to source the next Airbnb or Uber. Would-be VCs scoured the internet for any publicized open roles while savvy ones network their way in. They believed that with hard work and relentless networking, they, too, could become the next Michael Moritz.
But increasingly, over the last two years, this energy has dissipated. Investors—from analysts to partners—have grown increasingly frustrated and disillusioned.