"There is, in my opinion, a bubble in the earlier stages, where companies that don't even have products yet are raising tens of millions of dollars, and that is more concerning to me as an investor," says Theresia Gouw Ranzetta, a partner at Accel Partners, which backs Etsy Inc., Facebook Inc. and Glam Media Inc. But, in this video interview with The Deal magazine, Ranzetta defends the large later-stage rounds seen recently in Facebook, LivingSocial, Groupon Inc. and others, pointing out that these are "large, private companies that are of a stage that in a different time would already be public." For more of our video conversation with Ranzetta at the recent annual meeting of the National Venture Capital Association, see "Ranzetta rides social wave." - Mary Kathleen Flynn