1. Lots of unicorn corpses. They either get down rounds, fold completely, or get bought for much less than their last round's valuation. 2. It would be harder

1. Lots of unicorn corpses. They either get down rounds, fold completely, or get bought for much less than their last round's valuation. 2. It would be harder for new startups to raise money. The big losses in the unicorns would then lead to smaller B/A/angel rounds. 3. Lots of unemployed people who formerly worked at startups, scrambling to get jobs and the handful of large survivors. 4. With money drying up, it would be a good time for bootstrappers or people who don't need much financing.