Sure most start-ups are a long way from an IPO, but admit it—going public is still a dream most entrepreneurs like you have. Unfortunately, it's been a bleak quarter for businesses looking to hit the big time by going public.

Not a single VC-backed company went public this quarter. The last time that happened was 30 years ago, in the first quarter of 1978. While naturally that's bad for entrepreneurs, it's equally annoying for VCs looking to cash in on their investment in a start-up.

While obviously a slow economy has contributed to the problem, some insiders say that the problem is also the types of businesses VCs are backing. Paul Kedrosky, an investor/blogger, tells the NY Times:

"There is nothing that the industry is producing that investors want. The stuff they're investing in is idiosyncratic - it's fun and appealing to them but Wall Street doesn't care."

Even worse, he says of Silicon Valley VCs investing in Web 2.0:

"The Valley is operating in its own little world, and the capital markets don't care about the things that are getting the Valley excited."

What do you think? Are the types of investments VCs are making as much to blame as the down market for the recent dearth of IPOS? We've written before about the trouble many of these Web 2.0 companies have had with monetizing themselves—which certainly could contribute to Wall Street's lack of excitement over those start-ups. But nonetheless VCs are ostensibly still wise enough to fund businesses that they truly believe will go public, not just their flights of fancy—or are they?

Give us your thoughts.