Another thing I’ve observed for a while now (i.e., since everyone became obsessed with LLMs) is that a lot of founders nowadays—particularly at the pre-seed and seed stages—seem to view raising venture capital as a one-and-done type of thing.

I’m not exactly sure how prevalent this mindset is, but I’ve talked with lots of founders within the past couple of years and I’ve encountered this mindset a lot, which, to me, is a huge contrast to the mindset I encountered, e.g., about ten years ago when I was a young founder and I was raising a small round (mostly from angels)—back then, it seemed like every single founder was chasing venture capital non-stop and usually was already thinking about their next round before even closing their current round.

If this mindset is (or becomes) prevalent, unless a lot of these startups are quickly acquired for large sums, is venture capital, as it currently exists, ready to deal with this shift?