In 2018 venture capital firms invested $130 billion in private companies — an all-time high. Sounds like a thriving startup ecosystem, right? The movie industry similarly hit a new high in 2018... because ticket prices were way higher and people paid more to go to a few big blockbusters. A similar thing happened with venture capital: Firms invested a lot of money in a few big blockbuster companies, like $1.3 billion in Fortnite maker Epic Games, or they made big investments in so-called "unicorn" companies with billion-dollar valuations, such as Uber or Airbnb or Pinterest. How is this pattern changing the landscape for smaller startups? Molly Wood talks with Bobby Franklin, president and CEO of the National Venture Capital Association, about where all the money is going.

Today's show is sponsored by Pitney Bowes and WellFrame.