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Tough Times & “batshit Crazy” Founders

During a downturn, invest in personality and resilience.

During a downturn, it’s the crazy ones you want to invest in. This is illustrated by Callum Burroughs for Business Insider:

We are still looking for long-term indicators of growth and genuine product market fit,” Sohoni told Business Insider in an interview. “We don’t want companies that are only successful now which have ‘pandemic fit.'”

“Each downturn is peculiar,” Paul Asel, partner at NGP Capital told Business Insider in an interview. “History doesn’t repeat itself, but it rhymes. There are consistent reasons why we see the best companies coming out of a downturn because there’s less competition, less capital available, and more time to innovate.”

In a downturn, personality and resilience count. “When the tide rolls out, all that’s left are the batshit crazy people that want to start a company under any circumstances, and those are the people you want to invest in,” said Rob Hayes, a venture capitalist at First Round Capital in an interview with the Wall Street Journal. “You want entrepreneurs responding to the challenge,” Kotting added. “Being creative, working hard, and taking quick decisions are key traits for founders who are grabbing the bull by the horns.”

History doesn’t repeat itself, but it rhymes, Callum Burroughs

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