About the episode:
In this episode, Paul Barter, Altitude’s Entrepreneur-in-Residence is joined by Pam Banks and Samie Husain to cover the fallouts emerging from the Startup and Finance world: the massive layoffs at both Meta and Twitter, and startup shutdowns instigated by a previous year’s inflated valuations are all pointing to a softening of investment and a looming economic downturn. What are the implications for startups when it comes to raising and how should they be responding?
Tech Uncensored is a live podcast series by Altitude Accelerator. We cover topics that matter and we engage with our community in honest and unfiltered conversation. Please join us on LinkedIn Live at 12:30 pm EST every Friday.
- The cost of borrowing was kept low for a long time before the recession. It allowed this frenzy of purchase activity that drove up the value (in many cases, over inflated value) of companies.
- When the interest rates were raised to counter the rising inflation, it forced people to reduce spending and this resulted in less available money in the market compared to previous periods.
- The tech giants were dealing with over hiring problem during the pandemic.
- Investors have become more selectiv, however there is still VC money waiting to be disbursed. For startups, this is an opportune time to focus on the business and improve their product features and performance.
- Cryptos are not reliable – but the technology behind cryptos, blockchain, can be a foundation to solve a wide range of business problem. As a partner of CBSCA (Canadian Blockchain Supply Chain Association), Altitude Accelerator offers support to startups that leverage blockchain technology.
- Paul suggests five things that he always recommends his clients to do:
- Move fast, execute quickly
- Iterate the product, pivot to new opportunities
- Improve user experience
- Find the right team and hire the right talents
- Be a resilient founder
Watch the whole discussion to learn more about how businesses can weather the recession storm.
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