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The rolling fund is an Angel List product that allows investors to raise capital on a subscription-like basis. The year 2020 was when that happened. There has been a lot of change.

Did you mean one of those changes? There are a lot of pitches from founders. It has gone down since March. About 20 to 40 well-vetted decks a week used to be the norm, but that number is now down to about two to four a week. The quality of talent has gone up for people who want to work for Gumroad, which he partly attributes to the decline of start-ups.

A downturn in the number of founders raising capital suggests that early-stage startup aren't as immune to macroeconomic shifts as some investors claim; in contrast, a boom of fresh startup would support the idea that recessions are the time when startup are born.

The state of founders is broken down into three buckets. He said that the group of people who started companies in bull markets have dropped by about 100%.

In bear markets, they are not fundable. People need to be hired to build stuff. Immigrant founders care less about the reputation of their company than they do about the risk of returning. Lavingia says that the founder cohort has been halved. They all existed and therefore raised money in 2020- 2021. so they too are not starting companies and raising money at the same rate.

There are two sides to early-stage venture capital, the investors who admit that talent has changed and the ones who don't.

I wrote a column about investors preparing for a founder downturn. Either way, it's an influx. What?

In the rest of the newsletter, we will look at the class size and mood of the debut fund managers. You can support me by forwarding this newsletter to a friend or following me on social networking sites.

Y Combinator cuts its class size

Y Combinator has shrunk the number of startup in it's summer program. More than 200 companies are currently in action, down 40% from the previous cohort, which landed 409 companies.

Over the years, Y Combinator's ever-growing batches has become a common talking point among techies. We contribute to this discussion a lot. One of the biggest issues that people have with YC is the threat to the network. It's harder to stand out in a bigger class.

The move will help those within the current cohort stand out because of the lack of competition.

The image was created by Bryce.

First-time fund managers have thoughts

Seven first-time fund managers find themselves in the beginning of a downturn in a survey spearheaded by Rebecca Szkutak. What are the advantages of being a first-time VC? They are preparing for the fourth quarter. Given the current market conditions, what is keeping them up at night? They answer a lot of the questions on the site.

The silver lining is if you have a smaller portfolio. Szkutak gives us a glimpse of what's to come.

“We don’t carry any of the baggage that may come with having previous funds or having a lot of capital tied up in what seems to be highly overpriced vintages,” Stuto said. “Just like a founder, who looks at the world differently than subject matter experts, we (first-time managers) bring a fresh outlook of how certain problems and industries are developing.”

You can read Szkutak's survey on the site.

If you missed last week’s newsletter

You can read it here. Alex and I recorded a companion show called "Is it the bootstrapper's time to jump on the venture treadmill?"

Do you have any requests for topics for me to investigate? If you send me a big question I will take a swing at it in an upcoming Startups Weekly or on Equity.

It was seen on a website.

Consumer customers of Club Feast were left in a lurch.

The company generated a lot of free cash flow in the second quarter of the year.

There are 5 biggest revelations from the cyber meeting.

There are fish and chips.

Employees are scrambling for their next job after being assured there wouldn't be layoffs.

Private communities called 'Houses' are being tested to foster interaction.

It was seen on a website.

The pitch deck was worth over 2.5 million dollars.

The map shows how to build a climate tech company.

When your startup is being acquired, what is it like?

Someday, startup companies have to pay back equity compensation.

I need to stay at my current job after I get my green card.

That is a finished article. I will be going to the lake for the last few summers. Don't forget to take care of yourself.

It's time to talk.

It's N.