Term Sheet: Oct. 07, 2016 - btbirkett@gmail.com - Gmail
• Venture context: Following yesterday's release of Q3 venture capital stats ― showing continued dollar volume erosion ― there has been a lot of commentary on how hard it has become for startups to raise money. Two notes on this: First, "harder" only is in relation to recent boomtimes, as 2016 VC disbursements are still quite high compared to typical levels. Second, I'd think a part of the downturn relates to how companies realized in Q3 2015 that the worm was beginning to turn, and began raising rainy-day reserves. Remember, it's almost a year to the day that I wrote this.
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