Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #287
What's 🔥 in Enterprise IT/VC #287Building in a 🐻 market and getting ahead while you have the 💰
Coming back from 36 hours at the FTX Crypto Conference and one would have no idea that this was happening all week. Well…the good news is that lots of investors and founders who have only seen and built companies through this 📈will now know how to build companies in a 🐻 market. While I urge founders and investors not to panic as these are the best times to build a company, we all do need to pay attention..especially these companies 👇🏼 💰 is 👑
If you have it, preserve it
All of those founders who raised mega Series A + B rounds will have to show more progress than before just to reach valuation parity, let alone exceed the last round
Make sure you have enough runway + then some Premature scaling sales is easiest way to burn 💰, if u don't have true PMF, hiring more reps does not = revenue, don't be a victim of ur sales model, let's hire now for 6 mos ramp. Ask yourself the tough questions - is this truly repeatable or r we searching for 🦤? Building a startup in a market defined by unlimited capital available at exorbitant prices is different than one when builds when investor psychology shifts as the Nasdaq is down 13% in one month. Founders and their board members should have a number of plans at the ready, base case along with worst and best cases. If you don’t have one at the ready, here’s an easy way to start, back of the napkin is ok. Ask you and your team this question: If we had to extend runway by 6, 12, and 18 months, what decisions would we have to make? What are the tradeoffs under each scenario, what would we be giving up, and how would that impact overall value? Weigh that against where the business truly is (be honest with yourselves), and if the team believes they can hit their milestones. I am not urging panic mode but more planning mode and making sure founders ask themselves the tough questions. The funding environment for Series C and beyond have clearly changed, multiples have compressed to pre-Covid levels, and while you have 💰 is the best time to plan. The good news for now is that IT Spending continues to ramp up in the enterprise. Bill McDermott of ServiceNow said it well in his earnings call this past week:
The cloud providers also continue to grow at phenomenal rates. “The number of $100M+ Azure deals more than doubled year over year”
The fact $100M Azure deals occur frequently enough to be referenced by Satya as a statistic, let alone one growing >100%, is absurd. $MSFT
@jaminball Here’s more from Microsoft’s earnings transcript on the next quarter outlook:
Be careful out there as the world has changed, do your scenario planning, and come out of this stronger than before. Let’s keep building 🏗️. As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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