SVB's 1H’25 report reveals unexpected insights about the startup and venture capital landscape.Incubators and accelerators contribute to 24% of U.S. VC deals, reshaping the path to venture funding.Only 25% of U.S. tech unicorns meet basic IPO readiness criteria, highlighting a need for alternative exit strategies.Most VC funds take 16-20 years to return capital, impacting investment strategies and LP allocations.Defense tech has emerged as a major VC category, with substantial investment growth in recent years.Venture fundraising inequality is significant, with the top 10% of firms capturing a majority of LP dollars.Bankruptcy filings in Silicon Valley are increasing, signaling potential challenges for startups.Revenue multiples are not solely influenced by interest rates, emphasizing the importance of company fundamentals.Global talent trends are reshaping SaaS economics, impacting developer salaries and outsourcing strategies.Secondary markets are experiencing high volumes despite price discounts, indicating a need for liquidity solutions.