Last week, FirstRound Capital released its annual “State of Startups Survey.”

It confirmed-- sadly-- that most men in tech don’t fully get the diversity problem, care about fixing it, or even see any complicity on their part in perpetuating it. Men blame it on that old “pipeline” of women in the industry, while more women blame it on unconscious bias.

But we knew that.

Travis Kalanick-- despite leading the most highly valued private company in Silicon Valley history and the most anticipated IPO-- doesn’t rank as one of the most admired founders.

But we knew that.

A decent chunk of respondents continue to fear IPOs, despite that being considered the optimal outcome for employees and investors when you raise venture capital. Some 31% simply said they do not “intend” to go public.

But we knew that. Google waited longer than those before; Facebook waited even longer; and Uber has waited even longer still. I guess in the future entrepreneurs will just wait… indefinitely?

The answers around the state of fundraising in 2016 were more interesting, more surprising, and more nuanced. They were also more revealing about deeper changes going on in the startup economy. A shift that has reversed the early 2000s trend towards capital efficiency, that’s once again concentrated power in the hands of VCs...