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General thesis is cream always rises to the top even in high interest rate environments. Crappy, pointless startups will struggle and wither without the easy credit spigot.

So yeah, it's legit and always has been.

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Are these crappy, pointless startups (“a student raising 1 million on an idea”) in the room with us right now?

I think the contention is that there are fewer of them now than before the recent interest rate shock.

“Fewer risky investments being made due to economic conditions” Is a much less attention grabbing title

That would be the peak of the cycle. We're at the point now where it's, "clever engineer who has domain knowledge in some niche goes out on his/her own to make something novel that could be leveraged inside an established organization but isn't worthy of being a full fledged business".

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