This article is UK-specific, but I'm personally concerned about the same problem in the US. There's a limit to how many great startups can be built if they are dependent on M&A for exits/liquidity events, and the larger companies don't start buying more startups. Also, competition on the M&A end will lead to lower exit pricing, which will eventually impact valuation and early stage investment.

The improvements in early stage investment in recent years may just wind up throwing other parts of the system out of balance.