Spray-and-Pray fundraising didn’t die because capital disappeared.
It died because ownership, real ownership, started to matter again.
For a few years, volume worked. Founders emailed hundreds of investors. Syndicates deployed at speed. Micro-VCs wrote small checks across dozens of companies. Rounds closed on momentum.
It wasn’t irrational. It was liquidity.
But liquidity is not permanent. And when liquidity changes, behavior must change.
