"I've been on both sides of this. I've been on the side of being a founder," he says. "VCs always talk about it as a partnership." But when you're in a down market and all of a sudden, there is no market, like you can't raise your next round, 'all of a sudden it is a partnership' He adds: In a zero interest rate environment, there's no need for trust. There's cash splashing around.

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