This is true, but only to a point, and only when compared with a founder's other alternatives. Seed-stage fundraising has never favored the entrepreneur more.

This is true, but only to a point, and only when compared with a founder's other alternatives. Seed-stage fundraising has never favored the entrepreneur more. In this climate, founders can get a higher valuation for their company from a high-quality set of angels, so 'ouch' seems pretty appropriate to me.