Time to take another gander at that pitch deck
that"things don't look good," and advising them to plan to be"default alive" instead of aiming for rapid growth.
"The safe move is to plan for the worst. If the current situation is as bad as the last two economic downturns, the best way to prepare is to cut costs and extend your runway within the next 30 days," the letter said. The letter also warned that poorly-performing tech markets mean VCs will have a hard time raising money, and thus won't be investing as much."This causes less competition between funds for deals which results in lower valuations, lower round sizes, and many fewer deals completed," the letter said.
As for how the downturn will affect Y Combinator's upcoming winter 2023 cohort, for which applications are now available, Amos told us that YC's plans are unchanged. "Before applications close, we will evaluate every aspect of our batch and the environment in which the companies will be operating to determine the batch size," Amos said. ®
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