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| A packet of envelopes http://fatmomtube.in.net/ fat mom tubes In part for this reason, tech investors have become excited about early-phase funding—the venture investments that help a nascent company get off the ground. Big bubbles happen in the late-phase market, when sizable companies suck up larger investments and try to go public with high, often overcharged, growth momentum. Very early (or “seed”) investments are less exposed to these risks. In the mid-nineteen-eighties, venture investment was about equally divided among the seed, early, and expansion phases. When the dot-com bubble burst, in 2000, seed-phase investment was, in relative terms, the lowest it had been in decades. That has started to reverse, as early-phase investment grows cheaper and more attractive, and a new eagerness shows in a flurry of early-phase deals. Last year, about half of all venture deals were in the seed and early stages—the highest proportion since 1985. A record number of late-phase companies, meanwhile, are lingering in venture portfolios, instead of going public or being acquired. Investment now stays private and low to the ground: by the time a startup goes public, much of the tech community has put its money in and reaped its benefits. This has enabled San Francisco entrepreneurship to operate by its own rules.
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