[avichal]

Unfortunately I think most of it still holds. The underlying psychology of the typical consumer hasn't changed. I think it will take a lot of liquidity to stick around long enough in this market to see the underlying market dynamics shift. This means you either raise a ton of money (at which point the returns don't make sense to anyone except the later stage investors), you run it as a non-profit where you can have a very long runway from grants, or you scale slowly but surely for the next decade before the market catches up. It will happen eventually but I think it will take more like 10 years, not the 4-6 that most VCs need to generate returns.