This reflective review examines how venture capital research and practice evolved over two decades. It highlights the decline of small-cap IPOs, the changing role of traditional VC funds, the rise of angel investors and alternative capital providers, and the increasing geographic diffusion of venture capital. The authors argue that classic VC models no longer fully explain today’s entrepreneurial finance landscape and call for updated frameworks.

The article helps contextualize modern VC within long-term structural shifts rather than short-term cycles. It is especially valuable for understanding why exits, fund economics, and ecosystem dynamics look different today than in the 1990s, and why policy and investment strategies must adapt accordingly.