2023年3月27日,

塞奇Chitnis跳資本的創始人之一,thesis-led,扁形聚焦和operating-centric風險資本公司專門從事種子和係列的投資。與矽穀銀行的崩潰,創始人發現自己在困境時提高權益或債務。大多數公司經營業務單靠股權資本和風險的債務工具。訪問風險債務是“打破玻璃在緊急情況下”功能,它能使公司不作為硬化時必須提高而不是提高相關業務的裏程碑。當大多數風險債券市場正在放緩或暫停發放新的貸款,一件事是肯定的,這個跑道容量的損失將不可避免地推動各方行為改變。和行為改變,或複位,是非常必要的。在此之前添加混亂,創業融資環境已經受到挑戰。現實情況是,大多數創業者和風險基金不知道市場價格目前在啟動時的估值——現在的機會重置的禮物本身,而不是在估值,但是我們作為一個生態係統其寶貴的現金。我們知道如果創始人上調了2021年一輪的資本在當今的倍數,效果會有意義更稀釋每股收益,這就是為什麼擁抱cash-efficient方法是很重要的。結合能力較慢的股票市場和更少的債務/靈活性,你輸入一個時間,創業者需要籌集更多的股權稀釋更高或更有效率。 The reality is that most founders and venture funds don’t know what the market price is on startup valuations at the moment. One retro-cool phrase experiencing a resurgence in our industry is efficient growth. Even typing it feels like watching paint dry because when this phrase is uttered, people can’t help but jump to metrics like CAC/LTV, burn efficiency, OpEx ratios, and of course, the good old rule of 40. Efficient growth is a mainstay topic of conversation among investors, and I’m a longtime proponent, but that mindset hasn’t exactly been top of mind in the industry these last few years. With a lens on early-stage investing (Seed to Series B), here are a few things I think resonate with VCs right now and the factors founders should consider when planning and operating: Efficient unit economics are driving growth Multi-year customer acquisition cost (CAC) payback is very 2021. Understanding how to do more of the same profitably is essential to efficient growth and to finding a VC to fund that growth. Change the mindset of growing the company to that of an inchworm. Grow the OpEx ahead of results to support and enable growth, but tollgate it to prove you can catch up. As you see the growth, expand. In the past couple years, companies assumed funding rounds would come to fill voids if there was a timing miss — that doesn’t exist anymore. Grow into the OpEx and expand sequentially. Move from a serial mindset to a parallel one on product and growth initiatives.