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As the business environment adjusts to higher inflation and less abundant capital, companies need to stop focusing on growth and focus on innovation. They will need strategies that pay attention to costs and changes to business models.

Corporate scope and priorities were shaped by the amount of capital. The capital of private equity funds is at an all time high. Valuations for innovative investments have been high because of the large amount of liquid assets. With debt so cheap, capital has been able to afford patience, and the promise of growth has been enough to convince investors of the value of a business.