Howard Anderson, an elder statesman of the industry thinks so, in his MIT Technology Review article, which Brad Feld blogged about today.
Point by point, I would agree with every statement in his article. However, I am not sure if those points add up to the death of the entire industry. One of his points, the large sum of money looking for a destination, may be the reason why the industry survives. Where else does all that money go?
The theme of the article is one of the reasons for my decision to move to Turkey. I think the dynamics Anderson explains will increasingly make early-stage opportunities in developing markets attractive to investors world-wide.