Though some data suggest a rightsizing trend is occurring in venture capital, the future of the business actually looks promising.
One trend: Launching a start-up is getting much cheaper, and that will result in a power shift.
(Read More: What Not to Do When Pitching Your Company to a VC )
"The fact that start-ups need less money means founders will increasingly have the upper hand over investors," Graham said. "You still need just as much of their energy and imagination, but they don't need as much of your money. Because founders have the upper hand, they'll retain an increasingly large share of the stock in, and control of, their companies. Which means investors will get less stock and less control."
(Read More: Venture's Competition Crunch: Strategies for Success )
But just because founders won't need as much cash doesn't necessarily mean that investors will make less.
Because starting a company is getting less financially demanding, the number of start-ups will grow. That translates to an increase in the "total amount of desirable start-up stock available to investors," Graham said.
(Read More: Facebook's IPO Put Chill On VC Spending, Tech IPOs )