Q So how do you describe this whole where we are today? And then I think we probably have to talk about crypto in terms of where we might be going from here, but let's start with, we've walked through this history. What does this all look like today?
A So I think my one liner on what is it today is it's no longer venture capital. It's just capital. And by that I mean, with very few exceptions, you look at maybe incubation, maybe like true pre-seed, There are public market investors and very wealthy individual investors playing at every single stage, as David mentioned earlier. I think that, I don't know that it needs that much more explaining other than it used to be a niche commodity industry offering a very set of specialized skills, and now there's an enormous amount of capital at every stage investing in startups, and so it's just capital, and founders now need to think about access to capital, not the way that Founders sort of used to, but the way that any operator, even in a public market setting would think about all their options of access to various different types of capital.
AI assessment note: “it's no longer venture capital. It's just capital.”