VC is changing dramatically — what’s a founder to do?

seed-round valuations reached $200.4 million in Q2 2026, up 177% from a year earlier, even as fewer companies were funded. ( Chart: Peter Walker / Carta ) Guest Opinion: When I moved to Seattle in 2000 and started in venture capital, I read the book “The Silicon Boys: And Their Valley of Dreams,” which told the story of how venture capital drove the innovation ecosystem. Entrepreneurs toiled day and night in their garages.