The role of VC is quietly changing. In the past, those true multi-talented pioneers of early projects had keen insights and cross-disciplinary thinking. Now? They've become liquidity traders—just rushing in to do marketing right before the IPO.

What's even more interesting is the fission of the fundraising ecosystem: entrepreneurship no longer necessarily depends on team strength. One person, one idea, has become the norm. What does this reflect? Perhaps the democratization of tools, or maybe a more fragmented market.