Venture capital is a cyclical, ever-changing industry, as seen in recent years. The late 2010s and early 2020s had large amounts of capital flowing into the sector, high valuations, and new types of investors entering the market. Innovations in the seed stage, such as rolling funds and SPVS, allowed more individuals to become VCs. At the later stages, firms were becoming multi-stage investors, and aggressive hedge funds had entered the space. Then, in 2022, the macroeconomic environment created challenges, fundraising declined, and few venture-backed IPOs occurred. As of 2023, it was unclear where the VC industry was heading next. This note covers these recent events and the industry's increased focus on diversity and ESG.