So this is something I used to tell entrepreneurs based on the data I was privy to. Ofcourse a deeper look at the data does show that over the last few years things have changed (as you can see in the year wise trends chart).
I think my views were also driven by the fact that most of the entrepreneurs I ended up meeting wanted to raise something like 500K–1M in their seed round. I think as their discussions progressed, they too optimised for their dilution tolerance based on market realities and actual conversations with investors.
Will call it out in the post as well, thanks!