Early Stage Venture Funding - Is That a Good Thing?

In a market where liquidity is drying up or has dried up, that's a better time to be early stage than late stage. And I think the casualty there will be some of those late stage businesses where they just can't raise what they need to keep running essentially. So if money is more scarce and interest rates are higher, then it makes sense, I think, to try to make smaller investments. At an earlier stage, investments are more risky which to some extent sort of justifies the higher return that they'll need to pay.