"5 years ago, in the middle of 2007:" One thing he forgets to mention is how companies raised capital back then. In the middle of 2007, fundraising was far dif

"5 years ago, in the middle of 2007:" One thing he forgets to mention is how companies raised capital back then. In the middle of 2007, fundraising was far different than it is today. The deal flows were much longer, accelerators such as YC were almost unheard of, and investors had less overall competition. I remember going through fundraising with my last employer in 2007. We raised a $1.5 Series A (not a seed, something comparable to seeds today), had far less term sheets than companies get today, and winning a UC Berkeley business plan competition was our access to a pool of investors (unlike a demo day for YC, 500, Techstars).