At the moment, way more VC money is going into later stage deals as companies stay private longer... that is the chunk that if securitisation becomes mainstream , where VCs will have competition. The impact of this could be really fascinating - VCs would be forced to go even broader in their earlier stage investments, or VC’s own funding will start to reduce as it won’t be possible to deploy the capital at the same return. Maybe it’ll turn out that funding more pre seed companies will be successful - why stop at YC’s 200 every six months. The switchover period would be an entertaining time to be a founder, that’s for sure!