Equity When will the paper unicorns fold?
May 24, 2023
In a recent discussion, Jeff Richards, managing partner at GGV Capital and a seasoned investor since 2008, shares insights on the current state of late-stage startups. He debunks the myth that all unicorns are struggling, highlighting that some are thriving despite challenging market conditions. The conversation dives into what successful startups have in common and how early signals can indicate changes in the venture climate. Richards also touches on the future of IPOs and the contrasting fates of those gearing up for public offerings versus those facing liquidation.
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Adaptable Companies
- Companies like Slice, Canva, Calendly, and Zapier adapted well to the changing market.
- Their pre-existing operational excellence and strong cultures were key.
Measuring Excellence
- Measure operational excellence by metrics like NRR and sales efficiency.
- Early-stage companies might not have the metrics, requiring a bet on the founder and market.
No Unifying Factor
- There's no single unifying factor for success across all startups.
- However, within each category, specific signals indicate early excellence.