Irecently attended a local venture capital conference - a gathering of investors, entrepreneurs and industry consultants. Here are some thought fragments that paint a picture of current VC and tech industry trends.

Overall: More people were wearing ties this year than in prior years. Men use ties to project authority and prosperity when they are threatened. Ties are a leading indicator of economic insecurity. What's the female equivalent? (E-mail me if you know.)

Software: Most early-stage software company presenters didn't have a patent position. Software companies continue to downplay the usefulness of patents. In the same breath, they complain that venture capital investors have left the early-stage software space and now insist on several million dollars of revenue. Software companies don't see any connection between the lack of market disruptive technology that is worth patenting and disinterest by venture investors. Interesting.

BioMedical: Medical device companies predominated over biotechnology in the bio/medical space. Is this a one-year blip or a trend? Is the biotech revolution sputtering? Something to watch.

Public policy: Conference organizers continue to invite speakers to advocate for cap-and-trade legislation. Whatever the merits of cap and trade, I wonder whether there are other public policy issues of greater relevance to entrepreneurs seeking to finance their companies. For example, during the conference, The Wall Street Journal attacked provisions in proposed financial industry reform legislation that subjects private placements to a 120-day review period by the SEC or state securities regulators. The definition of accredited investors would also be changed to increase the assets test to more than double the current $1 million level. Some estimate this change would disqualify over 75 percent of individuals from accredited investor status. Why no outrage at this conference about proposed legislation that would make it much more difficult to raise early-stage capital?

Venture industry: Investment decisions are being consolidated in fewer decision-makers. The number of venture funds has decreased substantially, from about 1,200 funds a decade ago to about 400 today. Expect a decrease to 300. Pension funds, university endowments and other institutional investors are disappointed with VC fund investment returns and are looking for more liquidity. Syndicate risk has become a bigger problem over the years. This increases the importance of lining up investors who can continue to invest over a period of seven to 10 years.

Founders' liquidity: VC speakers reported a growing problem of founders who want to sell their companies earlier than their VC investors want, which decreases VC ROI. Taking the proverbial bird in the hand is appealing to founders in economically insecure times. VCs indicated they sometimes deal with this problem by letting founders sell part of their equity at the C or D round, so founders can take a little risk off the table.

International: Ever present in the background, but much fewer outright references to either international threats or opportunities than in past years. Does that mean we've crossed the threshold where competing in global markets has become so natural that no one feels compelled to talk about it anymore?

James Verdonik is an attorney with Ward and Smith P.A. in Raleigh. He can be reached at jfv@wardandsmith.com.