Josh Kopelman: ?I Think 2012 Will Look More Like 2008 Than 2011?

Remember, R.I.P Good Times, the Sequoia slide deck �in 2008 warning its portfolio companies to batten down the hatches and "spend every dollar as if it were your last"? Things aren't yet quite as dire as the last time the economy tailspinned into recession, but a number of factors are making some startup investors wary. "I think 2012 will look more like 2008 than 2011," warns First Round Capital's Josh Kopelman. His pace of investing has not slowed down. �He's just being realistic.

Speaking to other early-stage investors recently, I get the same sense that the froth�(dare I say "bubble"?) of the past 18 months is coming to an end. Many VCs (and founders) have been feasting, and now it might be time to take �a breather. The number of seed-stage fundings is outpacing series A fundings. And whether you consider this a Series A Crunch or not, many more seed stage companies got funded over the past 18 months than previously and many more will subsequently not continue to get funded when it comes time for a series A.

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