The Fall · Decision Forks
Cheap Money Didn't Inflate Startups. It Rewired How They Were Built.
When the Fed took rates to 5.25–5.50% in 17 months, US VC funding fell from nearly $330 billion in 2021 to $238.3 billion in 2022. The valuation crash was the easy part. The harder reckoning is that an entire generation of companies was engineered for a world that no longer exists.
8 min