> Yesterday I was watching a presentation where Steve Blank said that the pyramid has shifted-- the big VCs have replaced IPOs and private equity, and everyone

> Yesterday I was watching a presentation where Steve Blank said that the pyramid has shifted-- the big VCs have replaced IPOs and private equity, and everyone has moved up the stack. (So now instead of needing VCs for your first investment, for instance, there's accelerators like YC, then angels, then super angels.) I agree. An additional value which VCs provide that hasn't been eroded that much is credibility to enterprises. It's a good guess that Github took the investment so they appear more credible to enterprises, i.e. they are going after Perforce and ClearCase