A survey of startup entrepreneurs by First Round Capital who have received venture backing finds that 73 percent believe there’s another tech “bubble” and they overwhelmingly believe raising money in 2016 will be harder.

In other words, winter is coming.

That’s the new hot term in VC circles, playing off “Game of Thrones.” (So says Dan Primack, VC columnist extraordinaire at Fortune.)

More than 500 entrepreneurs participated in the survey (3 percent of them were from the South; vast majority are Valley-based). So maybe attitudes among funders and startups in the Triangle as well as North Carolina may be more positive. After all, 2015 has been a very good year for fund-raising and exits (M&As especially).

The survey offers some fascinating insight into founders’ thinking beyond dollars and sense. For example, hiring top talent is a big, big problem. And there’s much to be done in terms of diversity.

In the 2015 “State of the Startups,” First Round makes 10 key points:

1. Most think it won’t get easier to raise funding.

Highlight: “Of those founders with a point of view: 95% of Series Seed, 97% of Series A, and a whopping 99% of late-stage founders say it’s going to remain the same or get harder. Given that 80% of these founders also said they raised exactly what they wanted or more in their last round of funding, it sounds like folks are expecting a rapid shift in the funding environment.”

2. 73% say we’re in a bubble.

Highlight:”Enterprise company founders deny the bubble twice as often as their consumer company peers. Given that twice as many enterprise founders also think they’ll be profitable in the next year, their outlook is more optimistic on the whole.”

3. No one has a clue about the IPO market.

Highlight: “About a third of founders said there would be more IPOs next year, a third said fewer IPOs, and the last third said they thought things would stay pretty much the same. There doesn’t seem to be a ton of clarity around this topic — even among late-stage companies, there’s still no consensus.”

4. Women-led companies are more diversity focused.

Key points: “44% of women-led companies have a 50/50 gender ratio, while only 25% of men-led companies do. 87% of women-led companies have some initiative in place to increase diversity, while only 62% of men-led companies do.”

5. Founders see power shifting from entrepreneurs to investors.

Highlight: “63% said entrepreneurs have enjoyed the upper hand compared to 37% who said investors had the power. Then we asked what they think this dynamic will look like over the next few years. The balance shifted significantly, with only 46% saying entrepreneurs will have more power and 54% saying investors will take the lead.”

6. Hiring the right people and revenue growth top the list of founder concerns.

Highlight: “[T]heir number one concern remains finding and hiring the best talent. This is perceived as more a ‘make or break’ prospect than competition and customer churn too. Also fascinating:Building the right culture to keep this talent happy and effective is a bigger concern than raising money or losing customers.”

7. Co-founder relationships change with age.

Highlight: “Founders over 30 are 40% more likely to be solo founders than their younger peers. But even when they do have co-founders, their relationships are still different. They tend to have calmer, more collegial connections with their co-founders. By comparison, twice as many founders under 30 say their co-founder relationship is strained. But they also say they’re best friends with their co-founder 33% more often than their older peers.”

8. Bitcoin is overhyped while autonomous vehicles are underhyped.

Highlight: “It appears founders think that almost everything is overhyped today — with wearables and Bitcoin topping the list. The only underhyped technologies are mobile and autonomous vehicles. It’s surprising that smartphones have been around for over 8 years, yet founders still see them as the most underhyped opportunity.”

9. Founders fear long-term failure, but not the short-term mistakes that lead to it.

Highlight: “Founders’ strategic concerns don’t mirror their tactical priorities. Founders were concerned about growth stagnation but not focused on customer churn, and they worried more about raising capital than reducing their burn rate.”

10. Elon Musk is the far-and-away most admired leader in technology.

Highlight: Elon Musk dominates at 22 percent. Next most popular at only 7.5 percent: Jeff Bezos.

To see much more detail, including lots of charts, read the full report at:

http://stateofstartups.firstround.com/#highlights