Many founders believe the capital markets have frozen. They haven’t. The underwriting standards changed — quietly, structurally, and for good.
Across dozens of investor conversations over the past year, one pattern is clear: capital is still being deployed, but decision-making now looks more like sponsor-style underwriting than venture-style speculation.
In the ZIRP era, narrative and market size often carried weight that proof hadn’t yet earned. Today, investors prioritize downside protection, tangible evidence, and operational discipline far earlier in a company’s lifecycle.