The post-ZIRP observation resonates. Building a bootstrapped SaaS in Europe right now, I've noticed investors increasingly ask for verified metrics not just screenshots, but API-connected dashboards. It's almost like the market is self-correcting by making due diligence cheaper to do properly.

The real problem with façading is the selection effect downstream: founders who inflate metrics attract investors who expect inflation, creating a system where honesty becomes a competitive disadvantage. You end up filtering out exactly the people you'd want on your cap table.