TLDR Tech / Founders
The Narrow Path
Venture capital seed rounds have bifurcated into two distinct markets, fundamentally breaking the traditional "spray and pray" fund model that relied on 1,000x outlier returns. Top-tier founders with legible traction now command massive entry valuations (frequently topping $175 million) from brand-name firms, leaving a vast ocean of low-priced, deeply adverse selection startups that operate as capital black holes.
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