Until 2022, venture capital was the talk of town—from hedge funds to sovereign wealth funds—as global investors poured into the asset class, creating never-before-seen valuations. Nearly $650 billion was estimated to be raised by startups in 2021 alone. But by 2022, investments deployed to start-ups dropped by over one-third, and in 2023 fund formation sank to a five-year low. While industry excitement builds around the disruptive implications of AI, agri- and health-tech LPs are confronting an unfavorable market environment, where exits remained few and far between. What lessons have VCs learned in the current market cycle? Where are the silver linings? Is there room for non-tech venture capital?