在一个针对139个VC的调查问卷里，有这样一个结果：
综合风险（把整个链条玩转更难了）： 31％（不担心） 49％（担心） 20％（非常担心）
缺少新的项目（经济萧条期创业的人少了）：44％（不担心） 40％（担心） 16％（非常担心）
投资组合（这决定VC的生存）： 17％（不担心） 65％（担心） 18％（非常担心）
退出（啥时候把钱连本带利拿回来）： 7％（不担心） 39％（担心） 54％（非常担心）
管理团队（经济萧条令管理更难）： 63％（不担心） 32％（担心） 5％（非常担心）
项目流水（那些想融钱的公司我并不看好）： 60％（不担心） 26％（担心） 14％（非常担心）
令很多VC自己都惊讶的是，VC们普遍不担心项目流水和管理团队，更担心投资组合和退出。
所以，VC行业的本质是钱太多，投了太多的公司，所以很多质量不好的公司也进来了。并且，目前的市场环境是非不利于退出。
相反，市场是不缺乏好的公司和天才般的创业人的。
原文如下：
What VCs Are Worrying About
by Fred Wilson
A survey of VCs by Polachi Inc. has been making the rounds of the internet the past couple days. I was asked to participate in this survey but did not (not for any reason in particular).
I looked over the results (click on that link above to see them) and this slide caught my attention:
Surprise, VCs are not worried about deal flow and the management teams they work with, are a bit worried about their portfolio, and are a lot worried about exits.
We've talked about this issue endlessly here on this blog and elsewhere. The problem with the VC industry is that there is too much money in it, too many portfolio companies, weak venture firms, and a tepid exit environment.
There is no lack of good opportunities, no lack of talent (both entrepreneurial and management).
Nothing is wrong with the VC business and the startup ecosystem that a few years of weak fundraising can't fix. And I think we are seeing that and will continue to see it.
But the headlines like VCs Losing Confidence in “Broken” Industry overstate the issues in my mind. The VC business is not broken. Some of the participants in it are.
