There's too much money to be made for the VC community to not figure it out; either the IPO market will come back or we'll see something like an increasing numb

There's too much money to be made for the VC community to not figure it out; either the IPO market will come back or we'll see something like an increasing number of private equity buyouts of tech firms so the VCs can close out their funds. Companies building for the long-term still often need more than just angel funding in order to have enough runway to hit sustainable revenue levels and to provide a cushion to survive the inevitable vicissitudes of the market, which means there's still going to be a need for VC funding, and companies building for the long-term will offer a rewarding enough financial outlook that the VCs will still invest and just find new ways to get their money back out. That said, I really think the attitude in Silicon Valley is very much around creating products and then getting out rather than creating long-term profitable companies; the latter is just a different deal and involves dealing with all the unglamorous, less fun stuff like figuring out how to grow past a few dozen people, figuring out how to manage multiple products, working on the same codebase for a long period of time over many iterations of a product, figuring out how to manage the transition of people in and out of the company, adapting to changing market conditions over long periods of time, and figuring out how to actually make money sustainably. It's not just the VC side that's been spoiled and will have to adjust; the attitude among most entrepreneurs I run into in the valley is also very much the "build one product for 5 years and exit" mentality rather than the "build a company that makes good products and that can exist for a long time." So both sides need to adjust.