Yeah I generally agree. There’s a lot of risk averse investors it seems. I don’t have the data so I can’t say for certain, but it feels like VC is just betting

Yeah I generally agree. There’s a lot of risk averse investors it seems. I don’t have the data so I can’t say for certain, but it feels like VC is just betting on companies that already have product, revenue, a solid customer base, and almost zero chance of completely failing. a16z, benchmark, SV angles (when they were around), etc. only got where they are by taking massive risk - on founders with no track record and often just a prototype of demo. Now, just to get a seed round, you need a fully featured product, with distribution and revenue. It just feels like the wonder and risk of creating world changing tech without worrying about financial outcome is dead. Which, honestly makes sense from an investment thesis standpoint. You minimize risk by following the leader or investing later stage. It’s growth equity, not true or traditional VC that requires a 10x return. Most VCs are happy with 1.5-3x now (relatively happy).