3. it’s always competitive
L O T S O F C A S H F E W O P P O R T U N I T I E S S C A R C E C A S H F E W E R O P P O R T U N I T I E S
VC
VC
VC
VC
VC
VC
VC
VC
VC
VC
VC
VC
VC
VC
V
C
V
C
VC
VC
VC
V
C
VC
VC
VC
VC
VC
V
C
VC
C
VC
VC
VC
V
C VC
VC
VC
V
C
VC
VC
VC
VC