The article provides predictions and insights from various experts in the venture capital and startup ecosystem on what to expect in 2025. Here are some key takeaways:

Predictions:

1. Consolidation of unicorns: Some big-name unicorns may face mergers or closures due to a lack of growth and cash flow.
2. Increased focus on hard technology: As software becomes commoditized, venture dollars will shift towards hard technologies like bio, tech, and hardware.
3. More seed rounds with sub-$100 million exits: Companies with distribution quickly acquiring top products may lead to new math in startup funding.
4. OpenAI’s potential conversion to a for-profit entity: This could enable Microsoft to acquire it in the largest acquisition ever.

Trends:

1. Shift away from growth-at-all-costs mentality: Investors will prioritize paths to profitability and sustainable business models.
2. Increased diligence and value-add from investors: The spray-and-pray approach will give way to more meaningful investments.
3. Consumer tech resurgence: AI will create new applications for consumers, reversing the trend of enterprise SaaS dominance.

Potential risks:

1. Climate-related disaster or economic shock: A significant event could fundamentally reshape the startup and VC landscape.
2. VC-backed companies shutting down due to capital market selectivity: VCs may struggle to raise funds due to poor performance in previous vintages.

These predictions and trends offer a glimpse into what’s expected to happen in 2025, from the rise of hard technology to the potential consolidation of unicorns.