I used to have to spend a TON of time pitching downstream investors on why certain weird markets and business models would be great investments. Now that venture has institutionalized, mega firms have people exclusively focused on nearly everything. Nearly everything is legible to capital. The challenge has now become those mega firms are going down to pre-seed and seed. They can take far more risk and pay far higher prices because they're option bets. What used to be weird is just normal. And competition drives up prices. Not sure anyone is safe.