Forget the data: VCs brace for the Instagram aftereffect

Reblogged from GigaOM:

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Venture capitalists greeted the new year with fewer overall deals and dollars invested during the first quarter, but in the rapid-fire world of investing in web startups this first-quarter data is about as relevant as a day-old newspaper. There are two things to know as an entrepreneur looking at the latest MoneyTree Report from PricewaterhouseCoopers LLP and the National Venture Capital Association…

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