Over the past 60 years, the venture capital industry has expanded from a few, small partnerships primarily located in Silicon Valley and Boston into a global industry that invests more than $250 billion per year. By nearly every measure, the venture industry has boomed. Firms are raising funds 10x the size that they used to and opening offices around the world. Venture-backed startups are raising rounds that are 10x the size of rounds a decade ago, creating an ever-larger group of unicorns around the world. If there is one word that can sum up the state of the venture industry it is: growth.