According to a comparative survey, the National Venture Capital Association found that the "liquidity drought for venture-backed startups is so bleak" it's being called a crisis, reports Tech Crunch. There were no venture-backed IPOs in the second quarter of 2008, and the last time this happened in a quarter was in 1978. Last quarter there were only five IPOs worth $283 million compared to 43 of them during the first half of 2007 for $6.3 billion. The survey says the biggest factors are nervous investors, the credit and mortgage crisis, and Sarbanes Oxley regulation.