> a good tech business would be one that ought to at least survive in a volatile and capital-starved environment

Good businesses should be able to survive a normal recession. Start-ups aren't good businesses.

They may aim to become good businesses. But if their first customer cohorts go bust, or their bank goes under in a country without deposit insurance, or their employees--who have to be on site to do their job--can't get to work because of transit strikes, et cetera, et cetera, they're not going to make it. Irrespective of how prudent they were.