Description of Penn Wharton Business School Video: Mike Goguen, Managing Partner at Sequoia Capital, comments on the reaction of Sequoia and other institutional venture capital firms to the structural changes presented by the explosion of social media/consumer app start-ups and angels, incubators and other non-traditional financing sources to support them. He also discussed the general state of the venture capital industry, the state of innovation in Silicon Valley, and other matters from the unique perspective of Sequoia Capital.