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Dayna Grayson, partner at New Enterprise Associates

Venture capital exploded in 2014, with bigger deals and more eye-popping valuations than anytime since the dot-com boom. So what happens next, and which opportunities will define 2015?

We asked several venture capital investors to reflect on the past year and give us their outlook for the next 12 months. Next in our series is Dayna Grayson, a partner at New Enterprise Associates. Ms. Grayson talks about the strength of the public markets, overvalued companies going public and competition among venture capitalists.