The problem I see is that if fewer companies are being funded early-stage today, then there will be fewer companies around to get later-stage funding tomorrow.

The problem I see is that if fewer companies are being funded early-stage today, then there will be fewer companies around to get later-stage funding tomorrow. One of the reasons we have so many companies getting later stage funding right now is that there was so much seed funding a few years back. If early-stage funding is starting to dry up, that may be a sign of other things to follow...