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A comment on Sam Altman: Bay Area is no longer the obvious place for startups. Parent comment
The biz model has, if anything, become more risk-averse and more Finacialized (see https://en.wikipedia.org/wiki/Financialization) over the last 20 years.
The industry is no longer self-funded by exits and large LPs, but funded by large institutional investors, sovereign funds and the like who demand a reliable IRR. This in turn, leads to ever larger rounds, fewer IPOs and less equity to employees.
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The biz model has, if anything, become more risk-averse and more Finacialized (see https://en.wikipedia.org/wiki/Financialization) over the last 20 years.
The industry is no longer self-funded by exits and large LPs, but funded by large institutional investors, sovereign funds and the like who demand a reliable IRR. This in turn, leads to ever larger rounds, fewer IPOs and less equity to employees.