For founders it’s great. You don’t need a ton of startup capital to actually start something. Easier than ever. I think this means there will be less of a supply of goood early stage deals. And if VC can’t get in on the ground floor it becomes harder to get the multiples they sell to their investor. It also means that the good companies will be able to get to finance their own growth which means that whatever is left in the later stage just won’t be as compelling. As an LP you know have to look at potentially other asset classes or find investors who are going to adapt to still find success. Otherwise I think AI is most disruptive here now to the VC and by implication their capital markets. I think late stage financing and ipo market should not change substantially.