Internet entrepreneurs have had the upper hand over venture capitalists in recent years but that balance of power is now showing some signs of shifting, a trend that could accelerate in 2013.

Spurring the change is a dramatically lower appetite for risk from venture capitalists. Many investors rushed to get into Web startup deals in 2010, 2011 and in the early part of this year, often acceding to entrepreneurs’ demands for rising valuations in order to snag a stake in their companies.

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