I think you're probably right, but changing the VC business model means that VCs need to get significantly more selective about which businesses they fund, and

I think you're probably right, but changing the VC business model means that VCs need to get significantly more selective about which businesses they fund, and also focus on metrics that a lot of younger entrepreneurs don't like (ex. actual profitability). When you can't count on a unicorn exit to offset all your total failures and zombies, investment models tend to start looking more like bank loans via equity than like the traditional VC setup we're all familiar with.