I think one of the things we'll see over the *next* 15~20 years is that there will be sufficient money internal to the tech community (broadly writ) such that tapping high net worth individuals / endowments / pension plans won't be necessary.
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(This has already basically happened prior to Series B or so; the big question is whether it happens to B/C as well. One wonders who will win growth rounds, mutual funds or SoftBank or funds, but I'm glad that my day job is not attempting to build differentiation for money.)
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