"It's more about the fact that there's a normal lifecycle for venture-backed companies that ends with going public or being acquired. That lifecycle seems to ha

"It's more about the fact that there's a normal lifecycle for venture-backed companies that ends with going public or being acquired. That lifecycle seems to have stalled out with mega-companies staying private for long periods of time." No. There is no 'normal'. There was X money going in Y coming out. Now there is 2X money going in, and still Y going out. It means a lower rate of return for those putting money in. As for 'money not available to fund other startups' - clearly it is - the charts show actual investment is still high.