Instead of “bubble,” they’ll use words like “frothy” or “dynamic.”

Next, when it’s clear that the bubble is about to pop (or already has), everyone starts talking about a “capital winter,” a very apt metaphor that quickly becomes a cliche.

Finally, once the macroeconomics stars realign, the entire cycle begins again—with nothing really learned except the old adages of “make hay while the sun shines,” “it’s not that bad,” and “fail fast.”

Looking at this phenomenon, I was struck by how little the public is aware of where VCs themselves get money.

State-backed guidance funds are becoming pickier about who they work with, while non-government backers are also concerned more with cash flow and less with rate of return.

Local governments scramble to figure out what the real priorities are and then how to show results to their bosses.

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