For years, entrepreneurs have called the shots in Silicon Valley’s startup ecosystem as an abundance of capital chased a limited supply of good ideas. 

But in a matter of weeks, as businesses everywhere lurch to a halt due to the coronavirus pandemic, the pendulum has swung decidedly back toward venture capitalists. These investors say cash-hungry startups are now coming to them for investments on more favorable terms, offering more equity for less money than in the past. 

“If you need to raise money, you’re kind of screwed,” said Mitchell Green, a founding partner of Lead Edge Capital, a growth equity firm with investments in Uber and Spotify. “Over the last decade, companies have had the upper hand because there’s so much money. Now, if you are forced to raise capital, [investors] will have the upper hand and be able to get good prices.”