Given the limited amount of money VCs are putting into public companies, and the fact that venture coffers are fairly full - 1994 was a bumper year for raising new funds and more money is still being raised - any public market investing won't affect the venture community's ability to supply funds to private companies. Weiss, Peck and Greer has just closed on a new $139 million fund, for example, and other VCs are in the process of putting together new funds.

"Right now our piggybanks are quite full, with $475 million in total cash," said Sprout Group general partner Robert Curry.