Companies with poor unit economics found themselves propelled by aggressive venture dollars (which themselves were propelled by a low-interest-rate environment). Those companies then turned those dollars into aggressive customer acquisition. Until recently, the market rewarded growth at all costs.

The latest example: Outdoor Voices founder Tyler Haney, who launched the athleisure brand in 2014, is stepping down from her role as CEO; the company has reportedly raised a “down round” of funding from its existing investors at a lower valuation, and was said to be losing money on around $40 million of sales last year.