[umeshunni]

> that the biz model has remained basically the same for 50 years

The biz model has, if anything, become more risk-averse and more Finacialized (see https://en.wikipedia.org/wiki/Financialization) over the last 20 years.

The industry is no longer self-funded by exits and large LPs, but funded by large institutional investors, sovereign funds and the like who demand a reliable IRR. This in turn, leads to ever larger rounds, fewer IPOs and less equity to employees.