Debt is going to finally come to the tech industry. We can hate it, we can criticize it, we can raise the alarm about how dangerous debt is to the VC model we’ve honed to perfection over decades. Or we can see this moment for what it is: a turning point into a new deployment period for software and the internet.

Vast amounts of money were generated at the start of the era, and most of it is in the hands of investment firms and individual investors, defined as people who have more money than they need to live. At the same time, as innovation has slowed, so has business formation. Opportunities to invest without large multiples have decreased, and those who

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