In the venture industry, the only way for a venture fund to grow, is to move upstream and start managing a bigger pot of money. It is the natural evolution of the venture business and funds. This is what has happened with a lot of the institutional funds over the past decade. This gradual upstream movement in the venture industry, is what I refer to as the Venture Spiral.

The angels of today, will become the super angels of tomorrow. The super angels of today will be the uVCs of tomorrow, and the uVCs of today, will become the early stage venture capitalists. The institutional venture funds will morph into what we used to call growth funds.