KPMG's global quarterly report. The Q4 edition highlights the 'Resilience of the Seed Stage' amidst a late-stage freeze. It tracks the massive inflow of 'Sovereign Wealth Funds' (Middle East) filling the gap left by US tourists. The report also notes a spike in 'Down Rounds' and 'Pay-to-Play' provisions, signaling a shift to investor-friendly terms. It predicts a 'M&A Supercycle' as cash-rich corporates acquire distressed startups for talent and IP.

The exit window is an acquisition window. This archive tells founders to build relationships with Corporate Development teams now, not when they run out of cash. It validates the strategy of 'Soft Landings' via M&A as a respectable outcome in a liquidity-constrained environment.