Just after the COVID-19 lockdown began, startup deals slowed to a crawl. And they stayed at that pace for a few weeks. Now, things are roaring back. Many new early-stage investment funds have formed over the last few months. Competition for “hot” deals is crazier than I’ve ever seen it. And somehow, valuations seem even higher than they were pre-crisis. We’ve clearly reached a speculative phase in the  markets at large. And that’s leaking…