A global slowdown in startup investing may mean that startups looking to raise growth-stage capital will meet stiffer headwinds.

On the other hand, more money looks poised to flow to early-stage deals as the big venture capital firms like Tiger Global move to pick younger companies potentially firing up valuations at earlier stages. So the problem may not be a dearth of capital. But with so much money expected to shift from late-stage companies to younger firms, will Africa’s early-stage investors be able to stay disciplined and not optimize for just getting allocations?