Of course, during the bubble, the leverage shifted greatly in favor of entrepreneurs. The main advantage today for entrepreneurs (if their business model allow

Of course, during the bubble, the leverage shifted greatly in favor of entrepreneurs. The main advantage today for entrepreneurs (if their business model allows it) is to use bootstrap/angel-based methods of working around the VCs while building the core parts of their companies and dealing with VCs later, if at all. In other words, many entrepreneurs today have the luxury of being able to work around the VCs and to use them only when and if it suits their purposes. Believe me, this is huge. I have many serial entrepreneurs coming to me today who used to go strictly through large firms because, in the old days, their only option was to work with such firms and their VC allies. Today, they readily avoid such large firms precisely because they want the independence of developing their companies in a more flexible way. It is the power not to have to come to the VC table at all that gives the new-found leverage (of course, for some companies, this is not possible). This is very new and very significant in today's climate. When combined with the added knowledge available to entrepreneurs today, the power balance is definitely shifted to a degree in their favor over the old ways.