Much has changed since our 2010 State of the Venture Capital Industry report. Last year, headlines about venture firms shuttering, poor recent industry returns, and venture capitalists exiting the industry abounded. Shift to early-2011, and talk of another venture capital bubble has taken the place of malaise. To avoid bold predictions, the 2011 report largely strays from the bubble debate (while mentioning that this time feels different). Like the 2010 version, the report blocks and tackles, examining industry trends around four key areas: fundraising, investments, valuations, and exits.