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It is clear that there is no consensus on anything. Half of my sources say that an early-stage venture is unrelated to the public stock market, while the other half say that everyone is trying to make money regardless of stage. It is a confusing story to cover.
How can there be more VC dry powder when investments are slowing? One out of every five dollars of venture finance goes to the sector with the most layoffs. It's an optimistic time for emerging fund managers to debut, but how can LPs rethink their venture capital positions? How can a company that is ahead of the curve be worth less than it was a year ago?
Don't follow me on social media, these are rhetorical questions. To give some validation on how you are feeling, I point out the imbalances. A lot of things can happen at the same time, which makes a lot of statements useless.
This is the season of un learning. I was surprised by the optimism in the room when I sat in on an emerging fund manager meeting. The investors were more focused on expanding their definition of anLP than they were on the impact of the market. I was working on a story about the difficult environment for emerging fund managers when it happened.
How to navigate a time of change? You don't have to have an immediate take on the Big Tech News item of the week.
We will get into a twist on cap table management in the rest of the newsletter. You can support me by forwarding this newsletter to a friend or following me on social networking sites.
Continuum is a venture backed bet on fractional work and founders want to show humanity during times of crisis. Nolan Church started the company as a way to connect startups to part-time executive help. It now helps tech companies cut staff in a more humane way.
The new tool from Continuum connects startup leadership teams to an HR executive who will help craft a company communications plan, a diversity and impact analysis, and day of support.
The goal of Continuum is to get more comfortable with the idea of part-time executives in early stage companies. The trend of startup relying more on contractors, consultants, advisers and angel investors is expected to intensify during the recession. When a company is trying to focus on sustainable growth, part-time workers fill in key gaps and help mitigate risk.
As the market downturn begins to hit the sector especially hard, Stripe has taken a huge valuation cut. According to the Wall Street Journal, the payments processor's internal value has been cut in half. According to the Journal, the cut comes from a 409A process, which companies do regularly or when a market lowers its valuation.
The stock market's downturn is the material event.
Growth-stage businesses that boomed during the epidemic have turned inward to respond to the changing macroeconomic environment. Due to a 409A change, Instacart cut its internal valuation by about 38.5%. Employees may have their equity grants changed as a result of the reported internal valuation cuts.
GeorgePeters/DigitalVision is responsible for the image.
We have made it easier to apply for pitch practice with the new platform. It's great to see investors attest to the importance of brevity, savviness and clarity in pitches
If you complete the form, you will be able to apply for any time. 24 hours before the event, we will pick the startups and send them an email. You can apply for future events if you were selected for one. We want companies to give feedback more than once. It's growth at no cost.
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It's N.
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