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In the last seven months, the venture / entrepreneurial world has gone from “the only thing that matters is massive growth” to “the world is going to end.” For perspective, all you need to do is look at a dozen high-flying IPOs from 2020 or 2021 to see that the peak happened just before Thanksgiving.

The private markets lag the public markets. That’s not new. This time around, the lag was about a quarter, as many VCs started to talk about what was happening around the beginning of Q2.

There is no doubt that we are in the middle of, well, whatever you want to call it. “Correction” and “Choppy Waters” is probably a generous phrase for what is going on.

Having lived through this as an entrepreneur in 1987, an entrepreneur and VC in 2001, a VC in 2008, and a VC today, I embrace that this is just part of the entrepreneurial and economic cycle. I also know that many people freak out at this moment. If you’ve never been through this (like I hadn’t in 1987), it can be terrifying. If you are experienced and suddenly find yourself caught flat-footed for any number of reasons, it can be equally terrifying.

I no longer believe in clichés or prognostications such as “make sure you have three years of money in the bank” or “do a RIF quickly and deeply regardless of the situation you are in.” Instead, I think it is crucial for each company to understand its current reality clearly and make rapid and appropriate adjustments. This could mean “do a RIF quickly and deeply or “make sure you have three years of money in the bank,” but there are many other things to consider and do.

I’ve been involved in companies that have used these moments to gain huge market share from failing competitors. I’ve also been in companies that, in these moments, simply failed. I’ve been involved in companies that made adjustments, soldiered through, and came out the other side stronger. And, I’ve invested in brand new companies founded during these periods that ended up creating entirely new categories and extremely successful companies.

I expect that’s the tone of what we will discuss on 7/14 as part of Bolster’s Speaker Series about the VC Perspective on Navigating Choppy Waters. Fred Wilson has been through this many times, and his post on Amy and my 29th anniversary in Staying Positive is a wonderful perspective. Martina Lauchengco and Heather Hiles are long-time operators turned VCs who have also been through many cycles.

Join us on 7/14 @ 3pm ET for a discussion on Navigating Choppy Waters that hopefully will not be full of the same old clichés currently making the rounds.

The post Navigating Choppy Waters appeared first on Brad Feld.

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