But the news isn't all good.

A second observation is that the early-stage entrepreneur finds himself in a funding quandary these days.

Angel investors, who are a bit gun-shy after their experiences of the past few years, are writing smaller and smaller checks and devoting less and less time to the ventures they fund.

Conversely, VC firms are setting ever-higher thresholds for the amounts they're willing to put down. This is understandable. VC is not a scale business. As their fund sizes and fundraising frequency both doubled over the past decade, the business model has demanded larger investments. Larger investments, of course, tend to rule out higher risks.

So the entrepreneur is caught in the middle, with few to turn to.
Except a firm like Tugboat.