It’s myopic to reduce the startup extinction event to a loss of VC. The point of VC is that some businesses (like LinkedIn, Google, Apple, etc.) require multip

It’s myopic to reduce the startup extinction event to a loss of VC. The point of VC is that some businesses (like LinkedIn, Google, Apple, etc.) require multiple rounds of capital to get to a sustainable business model. But just stating that isn’t instructive. What’s more important, esp. for founders, is why that is the case: It’s because providing a better way isn’t a sustainable business practice. Markets lock in the familiar vs. the effective. So you quite literally have to create new markets to deliver new & better ways of creating value. There are many ways to fail at that with honest effort, including due to factors outside your control. Beloved products, that deliver real value & better social impact, die all the time. I know it can seem from the outside that whipping up hype & raising money is a founder’s job. But very few founders have or ever will win on such a narrow approach. It’s smart to raise on the latest trend because it maximizes capital. But it won’t save you from the fact that buyer’s are not rational - B2B or otherwise - and markets reward incubants.