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This makes sense, because companies that don't take VC funding are the ones that didn't need it because they were turning profits from the start. However, there are a LOT more companies that don't get VC funding and never succeed.

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Or they have little to no profit, run out of money, and seek an aquihire.

Right ... this scenario is far more likely as, at the moment, it is very much in vogue for larger companies to snatch up the engineers around smaller, flailing companies that did not have enough revenue to sustain and could not attract funding to keep the engine running longer.

Many acquisitions that I saw this year were either starving engineers or soft landings.

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