The China connection

I spent most of Monday in Bellevue at the Pacific Northwest Venture Capital Symposium -- a first-time conference full of interesting tidbits on everything from the overvaluation of open source startups to the constraints of Sarbanes-Oxley.

Some of the most heated discussions, however, dealt with China, which I reported in detail today in this story.

The quick summary: nearly every venture capitalist is contemplating an "Asian strategy," but relatively few are putting money to work there.

Mark Heesen, president of the National Venture Capital Association, said the "bloom has come off the rose when it comes to China."

"Everyone was really excited that things were going to happen," said Heesen, who just returned from meetings with Chinese officials in Beijing. "I think we are now at the point where we are saying: Wait a minute, what can we really get out of China?"