The New Normal venture model comes with Logan’s Run: if you are over thirty, you won’t be funded.

The mantle of what is cool has been passed from the Boomers, who still rule the funds, to the Millennials, the new generation of 20-somethings who grew up tech-savvy. The Millennials first flocked to Facebook, Twitter and Zynga, the darlings of the new era, and are feverishly checking-in with Foursquare, Gowalla and other iPhone apps.

The New Normal entrepreneurs care little of the old brand names of traditional VC. Indeed, the capital efficient funds believe the traditional VC model is broken. Maybe so – we shall see how the adapt. As this Third Wave crests, it is likely the capital required to make serious companies will increase, as it has in the past, bringing the traditional funds back into the game – or leading to a new breed of larger capital efficient funds.