Merc: Venture capital is on the upswing, the deals are bigger and less risky, and the chances of going public are better. What's not to like?

"Venture capital is on the upswing, the deals are bigger and less risky, and the chances of going public are better. What's not to like?

For VC firms, it seems, not much. Sure, scarred investors from earlier in the decade always worry about a bubble, but there's little sign of that so far, according to most observers.

Yet the implications for valley entrepreneurs are profound. Increasingly, venture capitalists are pouring their money into late-stage companies. That could force some early -stage entrepreneurs to look harder for cash and perhaps bootstrap their companies if the trend continues, despite the $82 billion VCs have raised since 2004.

"The venture world is in some ways transforming itself," said Mike Cordano, co-founder and chief executive of the San Mateo start-up Fabrik, which received a substantial $37 million round of funding in April. "In some sense, it's going to change the profile of the entrepreneur."