Gil Dibner responds to Sam Lessin’s 2025 update on the venture capital landscape, highlighting the shift from a factory model to a regatta model where startups navigate funding with varying time and capital. He agrees with Lessin's observations on the fragmentation of the VC market and the emergence of new investment strategies, while also critiquing some of Lessin's more provocative statements about software and the SaaS model's viability. Ultimately, Dibner suggests that venture capital is returning to its uncertain roots, where the most promising investments are often those that break the mold.