According to TechFlow, Lightspeed Venture Partners, a well-known Silicon Valley venture capital firm, recently announced that it would shift its investment focus to the secondary market, a move that shows that the traditional venture capital model is facing challenges. Lightspeed is currently applying to become a "registered investment advisor" in order to use more than 20% of its funds for secondary market transactions. In the past three years, the company has invested $580 million in the secondary market and purchased company stocks including Anduril, Rippling and Stripe.