Promising but pre-profit VC-backed companies don't want to raise in the next 2-3 years since there is a huge risk of down-rounds. Everyone is trying to squeeze

Promising but pre-profit VC-backed companies don't want to raise in the next 2-3 years since there is a huge risk of down-rounds. Everyone is trying to squeeze their runways out over that time period. Unfortunately, if your customers are mostly other tech companies, they are doing the same thing. It seems like a bunch of healthy companies are putting on the brakes hard enough to collectively cause the recession they are trying to avoid.