VCs used to love risk. Not anymore. Terms have gotten tougher across the board. Here's a sample of how venture-capital deals have changed since the bubble burst:

THEN NOW

VCs valued Startups get startups at valued at only $15 million to $3 million to $100 million. $10 million.

VCs typically put Startups get $5 million to $2 million to $30 million into a $10 million. company per investment round.

Young companies VCs dole it out got all the money when a company has in a lump sum when met certain mile- a venture deal stones, such as closed. revenue targets.

When a company VCs want three was sold, VCs got or more times their their full invest- money back before ment back before anyone else sees anyone else got a payout. paid.

Founders had to Founders wait four years to have to wait cash out entirely. five years.

Data: Fenwick & West LLP

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