The #1 risk for modern SV is likely interest rates. Low interest rates spurred a search for returns by pensions, endowments and SWFs which would unwind to some

The #1 risk for modern SV is likely interest rates. Low interest rates spurred a search for returns by pensions, endowments and SWFs which would unwind to some extent as interest rates return to historic norms, as lower risk yield instruments become viable again. Many startups' growth and hiring are being driven by equity capital rather than operational revenue, meaning that any causes that would undermine the flow of capital from LPs to VCs to Startups would lead to companies folding and increasing unemployment in the region. A negative signal to LPs from an exit outcome standpoint may have an analogous effect. For example, Uber dying would be a very significant negative signal to LPs. What I wonder when thinking of this is what the ratio of startup jobs to bigco jobs looks like these days.