The Bar for Fundraising Has Flipped Over the Last 10 Years

Over the last 10 years, the bar for fundraising in tech and biotech seems to have flipped.

Tech 10 years ago: product in market to raise Today: idea and team to raise

Biotech 10 years ago: platform idea and team to raise Today: product (near) ready for clinical trial

Interesting to watch this play out across cycles.