It should focus minds on business models, that's for sure. There's nothing wrong with bootstrapping or having a point to doing what you're doing (ie, making profits). Do you REALLY need the funding?

I think the smaller investors will want to be sure about the team running these startups. And disruptive tech, however cool, isn't going to cut it. Jam today will beat ham tomorrow.

VCs invest in 10 companies and expect 8 or 9 failures, and 1 big winner. In that sense nothing will change.

Also, a recession is a sure-fire opportunity to launch a company, no doubt about it. Better deals and other companies cut the chaff. If you can help another firm improve efficiency, or optimise what they're doing, then you will be well placed.