11.   But venture investors are going to see a slowdown in returns, Goldfarb says.

12.   Deal terms are becoming downright outrageous in some cases, say entrepreneurs and a few forthright venture investors.

13.   If the entrepreneurs were successful, the early venture investors had a chance to reap huge returns.

14.   In a slightly humbler spot, venture investors say.

15.   It is possible that a flurry of failures could send European venture investors back to their old ways, favoring management buyouts over start-ups.

16.   Just how ugly could the dot-com death wave get for venture investors?

17.   Nevertheless, VA Linux was represented by leading investment banks, and had previously attracted savvy venture investors.

18.   Perhaps a while, analysts and venture investors say.

19.   Perhaps too happy, experienced venture investors concede.

20.   Q. Is this a more realistic business environment for venture investors?