Pretty good article! Definitely interesting to know how the market for venture capital has changed since the big tech start up days. Although, I feel that as an economic grad student, giffen good is the wrong way to explain it. A giffen good is a theoretical idea that has not been emperically proven. The easiest test for it is an upward sloping demand curve with respect to price, holding all else constant. The venture capital in this example is a good that is experiencing a change in one of the determinants of demand. There has not been a viable giffen good ever found that meets the requirements. An economist in the 1970s refuded the typical giffen good argument and no viable solution has been presented. After some quick analysis I feel that this is again not a giffen good. Overall though well written and the title got me reading.

Matt