Every Internet / software company I've spoken with, is aiming for profitability much faster / earlier than they would have 1-2 years ago. In many cases, this means getting to cash flow (CF) neutral with $25-50M raised, versus $250-500M earlier. Implications of this focus on profitable growth: (a) Top line growth is naturally slower than earlier (in some cases negative for a year or so) as companies "fire" bad customers and cut inefficient marketing spend. (b) It will take longer to exit (especially through an IPO) since companies will grow slower (see (a) above). We are back to the "12-15 years from seed to exit" situation. (c) Once companies hit CF breakeven, they will figure out how to grow while following the Rule of 40. (d) Companies might only raise 3-4 rounds (Seed, A, B, maybe C) before they reach the CF breakeven milestone. (Only) investors who participate before CF breakeven will have meaningful ownership. Post CF breakeven, founders will become extremely picky. Some might forego fundraising altogether and prefer to grow organically by investing their CFs (it's addicting to generate cash vs consume it!); some might ask for outrageous valuations (secure in the knowledge that they don't need the money). Essentially, the power dynamic will shift from investors (pre CF neutral) to founders (post CF neutral). Overall, this will lead to a net positive mindset shift in technology, with more companies and entrepreneurs aiming for profitability and sustainable growth sooner, vs chasing VC-fueled growth. There will still be a small cohort of outlier companies (very fast growers, infrastructure and other high CAPEX-companies) who raise $500M-1B before they go public, but they will be the exception.