Article: Seeking venture capital? Investors want fundamentals. (Entrepreneur's Notebook).

'THIS is the nuclear winter of venture capital."

That lament, popularized by Southern California venture capitalist Bill Stensrud, expressed the despair of entrepreneurs and VCs alike as they watched U.S. venture and private equity investment plummet to $36 billion in 2002 from $144 billion in 2000, according to Venture Economics. Some VCs even began giving back uninvested funds.

Is it a "nuclear winter?" Maybe so, if you're a VC whose funders want their money back. But if you're an entrepreneur who needs to raise equity, you're better served by recognizing it's always nuclear winter.

Before turning to suggestions for thriving in the harsh ...

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