Silicon Valley Tea Leaves: VC hit rock bottom?

AlwaysOn reports that Jim Breyer of Accel thinks "that we are near the bottom of the venture capital cycle. We are not quite there yet, but we sre getting close." He adds: "Our best experiences have been with startups that deliver their first product to market within 12 to 18 months ... If the target product development cycle& is longer than 18 months, then the chances of matching the product to the customer are greatly reduced. On the other hand, if it is under 12 months, one really questions the defensibility of the product. In our experience, that 12- to 18-month new product development sweet spot, with a group of 10 to 30 engineers or developers, is the ideal model."