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Sam Lessin of SlowVC: The End of Factory-Farmed Unicorns
"World of DaaS"
Transformation of VC Model and Adverse Selection in Private Markets
The VC model transformed as big LPs sought to invest in later stages of the VC ecosystem with lower IRR hurdles. This was due to the availability of capital and the opportunity to keep companies private instead of going public. The private market started competing with the public market, leading to adverse selection where good companies were kept private while the 'shittiest companies' went public, compounding the end of the factory model.
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