Spider web with ghosts on black background 2022 10 20 02 48 53 utc“There’s more dry powder powder than ever before.”

“There’s never been a better time to start a startup.”

“Discipline is the new scale.” (OK, OK, I made that last one up, but didn’t you kind of believe it?).

The tech industry loves generalizations — and don’t worry, I enjoy my fair share too — but as the downturn continues to play out, it’s increasingly important to think about the structural changes that may be forming in the venture capital landscape. Venture firms, unlike unicorns, often don’t have hundreds of employees to cut. Instead, venture firms cut costs in quieter ways.