{"id":10724,"date":"2023-11-16T17:52:46","date_gmt":"2023-11-16T15:52:46","guid":{"rendered":"https:\/\/escp.eu\/thechoice\/?p=10724"},"modified":"2023-11-16T17:53:10","modified_gmt":"2023-11-16T15:53:10","slug":"how-founders-can-raise-finance-and-conserve-capital","status":"publish","type":"post","link":"https:\/\/escp.eu\/thechoice\/tomorrow-choices\/how-founders-can-raise-finance-and-conserve-capital\/","title":{"rendered":"As venture capital funding plummets, here\u2019s how founders can raise finance and conserve capital"},"content":{"rendered":"\n

In March, payments processor Stripe made headlines by raising $6.5 billion<\/a> in a funding round, but the catch was that its valuation had significantly dropped to $50 billion, nearly 50% lower than just two years ago. This steep decline in valuation reflects a broader transformation in the startup funding landscape.\u00a0<\/strong>Fledgling companies that once thrived on eager investors and abundant capital now find themselves in a world of reduced funding availability, more selective financial backers, and higher funding thresholds.<\/p>\n\n\n\n

The era of cheap money, which saw a flood of capital into startups due to ultra-low interest rates following the 2008 financial crisis, has come to an end.\u00a0<\/strong>By July this year, venture capital firms had invested just $80 billion into startups<\/a>, primarily driven by a series of high-profile generative AI deals. This pales in comparison to the $246 billion invested in the previous year, which itself was down from the peak of $347 billion in 2021, according to PitchBook.<\/p>\n\n\n\n

For growing businesses, this means a greater emphasis on financial metrics such as profitability and cash burn when seeking investment. We spoke to\u00a0Davide Sola<\/a>, a professor of entrepreneurship at ESCP\u2019s London campus, on strategies that entrepreneurs can adopt to secure funding in this evolving economic environment, all while becoming more resource-efficient in the face of constraints in funding availability.<\/p>\n\n\n\n

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Startups will need more than a persuasive PowerPoint presentation to attract investment; they will need to demonstrate the product\u2019s viability and secure paying customers.<\/p>\nProf. Davide Sola<\/cite><\/blockquote>\n<\/div>\n\n\n\n

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\"Davide<\/figure>\n<\/div>\n<\/div>\n\n\n\n

The impact of rising interest rates<\/h2>\n\n\n\n

Sola notes that worsening economic conditions have dampened the appetite for riskier investments, leaving many startups in dire need of capital and facing steep declines in their valuations.<\/p>\n\n\n\n

\u201cIt will be much more difficult for startups to raise money as there is less capital available, and it\u2019s looking for much higher-quality businesses,” <\/strong>our expert says. “Anything that is not AI or is not super scientific, like a new drug or quantum computing, may need to wait a few years before funding comes in.” <\/p>\n\n\n\n

This marks a huge change from recent history.\u00a0<\/strong>From the start of 2017 through the end of 2021 \u2013 according to the FT \u2013\u00a0 investment volumes increased almost fourfold<\/a> as venture funds attracted capital from institutional investors aiming to take advantage of soaring valuations,\u00a0<\/strong>especially in the tech industry.\u00a0<\/strong>However, the landscape has shifted dramatically, with many startups witnessing a significant drop in private market valuations, prompting venture capitalists to re-evaluate the worth of the companies in their portfolios.<\/p>\n\n\n\n

But Sola says it\u2019s actually a good thing for the health of the startup ecosystem and the wider economy. \u201cThis is very good news, as it will be much easier for good businesses to differentiate themselves — those who have proof of customers, a decent management team and a path to profitability. The rest are now in trouble. It\u2019s only when the tide goes out that you discover who\u2019s been swimming naked,\u201d\u00a0<\/strong>he says, quoting legendary investor Warren Buffet.\u00a0\u00a0<\/strong><\/p>\n\n\n\n

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It will be much more difficult for startups to raise money as there is less capital available, and it\u2019s looking for much higher-quality businesses.<\/p>\n<\/blockquote>\n\n\n\n

Bootstrapping and a return to self-sufficiency<\/h2>\n\n\n\n

Sola anticipates a return to bootstrapping, a funding strategy that relies on a company\u2019s own resources, including personal savings and revenue generated by the business, rather than external funding sources like venture capital or loans. <\/strong>\u201cIf you want to raise venture capital funding, you\u2019re going to have to have a very strong business case and a good foundation built with your own resources rather than someone else\u2019s money,\u201d he says.<\/p>\n\n\n\n

He points to iconic founders like Jeff Bezos, who initially invested $10,000 of his own money to start Amazon, working out of his garage with a small team to build the e-commerce website. <\/strong>\u201cFor too long, startups have relied on raising cheap capital and spending on lavish offices with amenities like ping-pong tables and free food for staff. Now, it\u2019s time to focus on building a solid business<\/strong>,\u201d Sola says.<\/p>\n\n\n\n

For those who do secure funding, it will often now come at a depressed valuation. <\/strong>\u201cA big investor recently told me that the time when investors based their valuations on a multiple of sales is finished. In the SaaS industry, a few years ago, investors were prepared to pay 20 times the revenue for an equity stake. Now those valuations will go down to a level that compares to the risk,\u201d Sola says.<\/p>\n\n\n\n

And the investors will expect a more significant ownership stake, while companies will need to work harder to secure financial backing. \u201cStartups will need more than a persuasive PowerPoint presentation to attract investment; they will need to demonstrate the product\u2019s viability and secure paying customers,\u201d <\/strong>Sola says.<\/p>\n\n\n\n

Cash runway and the importance of financial planning<\/h2>\n\n\n\n

Lastly, our expert says that fledgling entrepreneurs will need to conserve their cash runways and be more cost-conscious. The \u201ccash runway\u201d is a financial metric for the estimated amount of time a startup can operate before it exhausts its available cash resources. It is a critical indicator of a start-up\u2019s financial health, which can help in making decisions about investment and funding.<\/p>\n\n\n\n

\u201cYou need to look for money well in advance<\/strong>,\u201d says Sola. \u201cIf you have a run rate that is six months, you\u2019re already on red alert. Even if your runway is 12-15 months, look for money now to get ahead of the problem.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Davide Sola offers strategies that entrepreneurs can adopt to secure funding in this evolving economic environment, all while becoming more resource-efficient in the face of constraints in funding availability.<\/p>\n","protected":false},"author":1,"featured_media":10723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[18],"class_list":["post-10724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tomorrow-choices","tag-entrepreneurship","category-14","description-off"],"acf":[],"yoast_head":"\nAs venture capital funding plummets, here\u2019s how founders can raise finance and conserve capital - The Choice by ESCP<\/title>\n<meta name=\"description\" content=\"Davide Sola offers strategies that startup founders can adopt to secure funding in this evolving economic environment.\" \/>\n<meta name=\"robots\" content=\"index, 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