The NVCA survey reveals why the problem will not self-correct over time. Most VCs are hired from outside the industry, rather than rising up through the ranks. Underlings, by and large, remain underlings, while VCs hire their buddies out of tech startups. A good example: The all-male, all-white team of Benchmark Capital, which recently added white male Facebook executive Matt Cohler as a general partner. That's not to say that Cohler's hire was undeserved — but it is utterly typical.

Cronyism is alive and well in the venture-capital industry, accounting for the active discrimination evidenced in its demographics. There's no doubt that women and minorities could make venture capitalists. The question is whether the dominant firms of Sand Hill Road will afford them the chance to prove themselves, by taking a shot on hiring someone who doesn't look like the rest of the team — or if those excluded from the industry will have to make the point the hard way, by making more money than the old guard. The latter would be very satisfying to watch happen.

"VC fund raising is very cyclical," said Emily Mendell. "A lot of firms have gone out in the last two or three years and fewer firms in the fund raising mode — that's why there aren't that many new funds." Put another way, VC firms would be foolish to go out hat in hand seeking money now. Their customers, largely pension funds and other large institutions, have other worries right now. And there's not much for VCs to brag about in their sales pitches: Only five venture-backed companies went public last quarter, and in those three months, only 56 companies were acquired, compared to 83 in the fourth quarter.